THE OUTDOOR FURNITURE SPECIALISTS SELL MAJOR STAKE

Written on the 26 June 2014

THE OUTDOOR FURNITURE SPECIALISTS SELL MAJOR STAKE

THE Outdoor Furniture Specialists (TOFS) has sold a major stake of the business to Teaminvest Private this week, to drive expansion plans.

The Brisbane-based company started out in Aspley 24 years ago, growing to 43 outdoor furniture retailers across the nation.

The private equity arm of Teaminvest has been working to secure majority ownership of the company for the last few months.

TOFS founder and CEO Craig Davison (pictured) says the deal will create new growth opportunities.

“I’m proud to have built a business from the ground to where it is today, but having been in discussion with Teaminvest Private over some months to finalise the deal, I’m confident that TOFS will grow to another level and provide even better opportunities for the business to grow,” Davison says.

Davison will stay on as ongoing CEO and will remain a substantial shareholder, along with some key executives taking a minor shareholding.

Teaminvest Private’s investment director Andrew Coleman says the group is looking forward to the strategic partnership.

“The business is a true leader in its field and ticks all the boxes for us – a great company with great management,” Coleman says.

“Together we believe we can continue to grow the TOFS brand into the future. It’s an exciting moment for all of us.”

Coleman says it will be an opportunity to grow both businesses, taking into account TOFS import division in its business model.


Latest News

AVEO GROUP TO BUY BACK SHARES FOLLOWING MEDIA INVESTIGATION

FOLLOWING last night's Four Corners report which revealed accusations against Aveo Group (ASX: AOG) of financi...

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

CROWN EMPLOYEES CONVICTED, JASON O'CONNOR TO SPEND 10 MONTHS IN JAIL

CROWN Resorts (ASX: CWN) employees who were arrested in October last year on suspicion of gambling offences have b...

QUICK TURNAROUND FOR $20 MILLION OFFICE IN MELBOURNE OUTER-EAST

AN office building in Melbourne's outer eastern suburb of Mount Waverley has sold for $20.5 million just two year...

Related News

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

METCASH NET PROFIT FALLS 20 PER CENT, ANNOUNCES CEO WILL STEP DOWN IN 2018

FOOD and grocery giant Metcash has announced its full year net profit has fallen more than 20 per cent and its CEO Ia...

SHARE PRICE PLUNGE FOR RETIREMENT VILLAGE OPERATOR AHEAD OF FOUR CORNERS INVESTIGATION

A RETIREMENT village operator which has been accused of charging excessive fees through complex contracts has respond...

CHINESE TECH FIRM LOOKS TO AUSTRALIA FOR 'CUTTING EDGE' IDEAS

CHINESE ed-tech company Retech Technologies (ASX: RTE) has listed on the ASX after raising $17.9 million from its IPO...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter