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Myer and Myer Melbourne Sale
Coles Myer today announced the sale of the Myer department store business and Myer
Melbourne to Newbridge Capital and The Myer Family Company for $1,400 million.
CML Chairman Rick Allert described the agreement as a superb outcome for Coles Myer, for
Myer and for shareholders.
“We are delighted that the brand will be owned by a consortium combining one of the world’s
leading private equity groups that has strong international department store experience in the
US and UK, together with a long and proud connection between the Myer family and the Myer
business,” Mr Allert said.
CML CEO John Fletcher said that the level of interest and the price achieved for Myer and the
Myer Melbourne property reflected the strength of the business and the success of its
turnaround strategy under Myer MD Dawn Robertson.
Mr Fletcher said that Dawn Robertson would continue to lead the business until completion of
the transaction when she would leave the company.
“We are extremely grateful to Dawn for the outstanding job she has done turning around Myer
and enabling the value of the business to be realised.
“When Dawn came to Myer four years ago, she took over a poorly performing business which
she and her team have restored both as an icon fashion brand and a sustainably profitable
business. She will leave the company in good shape for the next chapter in its history.”
Managing Partner of Newbridge Capital, Dan Carroll, said: “We welcome the opportunity to
bring our skills and experience to Myer in Australia.
“Our involvement with upmarket department stores, such as Neiman Marcus in the US and
Debenhams in the UK, has been very successful, and we look forward to drawing on that
experience and using those skills at Myer.”
Ben Gray, Newbridge Head of Australia and New Zealand, added: “We are delighted and
honoured to have the Myer family as our partners. The return to private ownership is an
exciting new chapter for Myer. We foresee that Myer customers will experience a continuation
and acceleration in the enhancement of the product offering that has been achieved by the
Myer team in recent times.”
The Chairman of The Myer Family Company, Mr Rupert Myer, said the investment represented
an opportunity to retain a financial interest in the Myer Department Store business. “The family
has had a one hundred year association with Myer and we are delighted to be partnering with
such an experienced and successful group in Newbridge,” he said.
Mr Gray said that Bill Wavish would be Executive Chairman of the Myer business. Mr Wavish is
the former Finance Director and Director of Supermarkets of Woolworths. Mr Wavish will stand
down from the Boards of Housewares International and Atlas Metals. Dawn Robertson had
been offered the position of Deputy Chairman and President but had decided to leave the
company following completion of the sale.
“We commend Dawn and the team on the exceptional work they have done improving the
business and we look forward to working with the management team to build further on that
work,” Mr Gray said.
Myer Managing Director Dawn Robertson said the decision represented a strong vote of
confidence in Myer and the Myer team and provided certainty for the business.
“It is a credit to the entire Myer team that we have been able to continue to build the business
as we have moved through the ownership process,” Ms Robertson said.
“I am proud of the Myer team and our accomplishments, including our contribution to this
transaction.”
Mr Allert said that the Board’s decision to sell Myer was the culmination of a rigorous and
disciplined seven-month process to determine whether divestment or retention of the business
would create greater value for shareholders.
“We have considered this issue in tandem with our development of Coles Myer’s next five-year
strategy, taking into consideration the strategic fit of Myer in a largely volume and value
business; the current complexity of the Coles Myer Group, and the most effective allocation of
capital across the Group.
“We have considered the strategic fit of Myer with our other businesses and particularly the fact
that Coles Myer is the only retailer in the world which has tried to combine full-line department
stores and supermarkets.
“Our decision to divest has been driven by the Board’s belief that both our core food and liquor
business and Myer will perform better separated, and that the price Newbridge has been willing
to pay for the business recognises that Myer can further improve its performance with singular
management focus.
“The Board’s decision provides significant opportunities to fund expansion of and sharpen
management focus on our core food and liquor franchises in line with our new strategic
direction, as well as to consider a further return of capital to our shareholders.
“From a strategic perspective, the Board believes its decision to divest is the best outcome for
shareholders.”
Mr Fletcher said many other issues would be addressed in the coming weeks, including a new
name for Coles Myer Ltd.
“We have developed transition plans for the structural separation of Myer to assist with business
continuity while the process is underway. We will work with Newbridge to ensure the effective
transfer of both people and systems in the areas of IT, Supply Chain, HR, Finance and other
functions,” he said.
Mr Allert said that the sale was expected to be completed in the next few months subject to
certain third party consents.
He thanked the CML team involved in the ownership review process and CML’s advisers,
Carnegie Wylie & Company and Allens Arthur Robinson, for their contribution to an outstanding
outcome.
Further information:
Myer:
John Gillman – 0419 999 003
Coles Myer:
Media: Scott Whiffin – 0407 850 709
Analysts: John Di Tirro – 9829 4521
About Myer
Myer is Australia’s leading department store, with 61 stores operating in metropolitan and
regional areas in Victoria, New South Wales, Queensland, Tasmania, Western Australia and
South Australia (Carlingford in NSW will close at the end of March and be rebadged as a Target
store). Myer’s business strategy is built around driving quality sales in four primary or ‘famousfor’
categories, Womenswear, Menswear, Cosmetics and Soft Home, and competing strongly in
other categories, including Electric, Furniture, Childrenswear and Toys. Myer is the largest
retailer in most categories, including Women’s and Men’s fashion, Cosmetics, Accessories,
Footwear and Soft Home. Myer has a workforce of about 22,000 people and more than 190
million people visited a Myer store in FY05. Myer delivered a 3% increase in sales for Q206 and
a 2.8% increase in H106 and is expected to deliver an increase in earnings when CML reports
H1 profit on March 20. |
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常见除虫药的区别 -- 补充资料见93楼 (2010-5-28) 舞美拉 
发表于 2006-4-1 23:43
哇，怎么象是在测试数学一样啊
