Danks Buys Magnet Mart and Flatman’s

Danks has taken a further step in the expansion of its business in the retail market with the acquisition of the Magnet Mart business and Flatman’s Timber & Hardware. Magnet Mart, which comprises five stores in New South Wales/ACT, and Flatman’s Timber & Hardware, with two stores in Victoria, will join Danks’ growing portfolio of company-owned stores that includes the successful acquisition of the Gunns and Becks stores in Tasmania in May 2010.

Danks Managing Director, Graeme Danks, says the acquisition is a crucial part of Danks’ strategy to focus on its growing retail network in both independent and corporate stores to substantially strengthen its presence in key markets. “Our new partnership with Woolworths and Lowe’s has enabled us to grow as a business at an exciting pace,” he said. “We launched our corporate strategy in 2008 with the purchase of the Blue Mountains Hardware store in NSW and in the last 12 months alone, since partnering with Woolworths and Lowes, have completed a number of acquisitions to add value to our core wholesale business and support retail growth in the independent hardware sector. Our independent Home Timber and Hardware, Thrifty-Link Hardware and Plants Plus Garden Centre members continue to be the life blood of our business and this continued commitment to growth enables us to increase our ability to support these customers.” Operating in the ACT and Southern Highlands region, Magnet Mart has five stores in total with two in the ACT (Phillip and Gungahlin) and three in NSW (Queanbeyan, Goulburn and Bowral), employing 300 staff. Danks will retain all employees, including support staff and management. Magnet Mart stores will continue to trade as Magnet Mart for the foreseeable future.

In a separate arrangement, Danks’ acquisition of the previously independent Flatman’s Timber & Hardware business in Victoria brings a robust business into the group’s corporate structure. A loyal Danks customer for years, Flatman’s Home Hardware joined the Home Timber and Hardware Group on its inception in 1994. Danks will retain all Flatman’s employees.

Danks’ growing portfolio of corporate stores is supported by a dedicated team headed by Evan Packer, National Retail Operations Manager – Corporate Stores. With an impressive collective resume of industry and business experience, the team will work closely with the stores’ management teams to drive their continued success.