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

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

TREASURY WINES UNCORKS SWEET $269M PROFIT DESPITE INVENTORY WOES

REVEALING the fruits of its past year of labour, Treasury Wine Estates (ASX: TWE) has posted a 55 per cent increas...

TATTS GROUP POSTS PROFIT AND REVENUE DROP ON FEWER JACKPOTS AND BAD WEATHER FOR RACING

TATTS Group (ASX: TTS) has posted a full year net profit loss of 5.7 percent and a revenue decline of 8.4 per cent as...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

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