THE OUTDOOR FURNITURE SPECIALISTS SELL MAJOR STAKE
Written on the 26 June 2014
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.