Lindsay announces $34.6 million acquisition

Lindsay Australia Limited has announced the acquisition of WB Hunter in a deal worth $34.6 million, which will see it gain 100 per cent control of the rural merchandise company.

Founded in 1947, WB Hunter is a leading retailer that provides a comprehensive range of rural supplies, agricultural services, trade essentials and pet products. It has seven stores in Victoria and one store in NSW, and serves over 10,000 commercial and retail customers.

WB Hunter has been 100 per cent Australian owned and operated since it began and currently employs over 125 staff.

As part of the acquisition, director and chief executive office of WB Hunter, Michael  Moroney, will continue with the business in his current role under a long-term agreement.

Lindsay Australia says the move expands its rural merchandising network through entry into key agricultural supply markets and offers a robust platform to pursue additional growth opportunities for the Lindsay Group.

Acting Lindsay chief executive officer Craig Baker said, “We are delighted to welcome WB Hunter into the Lindsay network. WB Hunter has a longstanding and highly successful  operating history, serving as an integral member of Australia’s rural supplies market.

“The acquisition expands Lindsay’s presence in key growth markets of Victoria and New South Wales and provides a strong platform for pursuing further growth opportunities across these regions.

“We look forward to the WB Hunter team continuing their journey as part of Lindsay.”

The acquisition will comprise of an upfront cash component, a scrip component of $7.2 million and a deferred cash payment for the inventory assets of ~$14.5million, which will be paid in equal quarterly instalments over FY24 commencing on or around September 30, 2023.

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