JB Hi-Fi to Acquire Victorian Kitchen, Laundry Specialty Store

JB Hi-Fi is moving to acquire kitchen and laundry specialist E&S Trading to expand its product offerings after seeing a decline in net profit and sales in the last fiscal year. Under the acquisition agreement, JB Hi-Fi will initially purchase 75 percent of E&S for $47.8 million and will buy the remaining 25 percent in September 2029. The acquisition will be funded with existing cash reserves. “JB Hi-Fi’s deep understanding of the homemaker sector and extensive experience in the appliance industry make it an ideal partner for our business,” said Rob Sinclair, E&S managing director. “It will be business as usual at all existing stores. Our customers can expect the same excellence they have come to know and trust. I will remain managing director, continuing to employ our successful growth strategy on a broader scale.”...