Shoe brands offered Aussie fund profitable retail opportunity
The Australian private equity fund manager that has bought Number One Shoes and Hannahs says it spotted an opportunity to buy a leading, profitable retail business.
Bapcor, the Australian automotive company that bought Hellaby Holdings earlier this year has sold its "non-core assets", including the two shoe brands.
They were purchased by current managers Roger Harper and John Elliott, with private equity backing.
Private equity fund manager Allegro said, with more than 100 stores across New Zealand, Hannahs and Number One Shoes represented more than a 30 per cent share of the growing value- to middle-market segments of the New Zealand footwear market.
Allegro was attracted by the opportunity to acquire two household retail brands with a deep heritage in New Zealand.
Number One Shoes' history dates back to the 1980s and Hannahs celebrates its 150th anniversary next year.
Allegro said it looked forward to deploying its successful investment approach and further building upon Hannahs' and Number One Shoes' strong market positions.