Kiwi owned business brokerage acquires Melbourne beachhead

Monday, 14 January 2019, 4:25 pm
Press Release: LINK

Monday, 14th January 2019

Kiwi owned global
business brokerage LINK acquires Melbourne
beachhead

The country’s leading, and world’s largest business
brokerage firm, LINK, today announced the acquisition of one
of Australia’s premier business brokerages, Klemms
Business Brokers, based in Melbourne.

Located in the
upmarket suburb of Hawthorn, Klemms boasts 72 years of
experience, a speciality in the hospitality sector, and
brings with it 31 staff and brokers to the LINK portfolio
– increasing the total number of LINK staff in Australia
from 80 to 111.

The acquisition further solidifies
LINK’s position as the largest business brokerage in the
world, and comes shortly after the completion of a
successful oversubscribed NZD$3.45m capital raise.

LINK
has sold over 660 businesses with a combined value in excess
of NZD$300m within Australasia in the last 12 months alone.
The investment into Melbourne’s oldest business brokerage
will support LINK as it continues to grow its Australian
presence, cementing its ninth office in Australia and 29th
office globally.

Klemms staff and brokers will gain access
to LINK’s significant intellectual property (IP),
including its award-winning valuation tool, and experience
in larger transactions, training, systems, insights and data
analytics in order to boost its efficiency.

LINK CFO,
Suneil Connor says due diligence on the wider demographics
of Australia revealed Melbourne to be an attractive area for
LINK to focus its efforts.

“With a population of 4.9
million, and an annual increase of 125,000, Melbourne is set
to overtake Sydney as Australia’s most populous city. The
ethnic demographics and number of businesses that sit within
LINK’s sweet spot also make Melbourne a city where we
wanted to boost our presence.”

Klemms Managing Director,
Jamal Dabab says he has been impressed with LINK throughout
the entire acquisition process, and is excited about the
future of the business.

“Having owned Klemms for 34
years, we wanted to choose the right partner to take Klemms
to the next level. From the start, we knew LINK was the
business that had the strategy, IP, global footprint and
reputation to enable Klemms to reach its full
potential.”

Aaron Toresen, LINK CEO, shares a similar
sentiment, saying, “By reputation and results, Klemms was
our number one pick for an acquisition in Melbourne. No
other business brokerage came close. From the outset, the
cultural fit between Klemms and LINK was uncanny, and we are
excited to invest in Klemms and help both buyers and sellers
of businesses realise their goals.

“The growth capital
we invest in Klemms will enable brokers to do very well,
which in turn will contribute significantly to our group,”
Toresen
concludes.

ENDS

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