Retail veteran Brett Blundy has sold the Dusk candle and homewares chain and the Adairs linen chain to private equity firm Catalyst for an undisclosed amount.
According to a report in the Australian Financial Review, Blundy and the management of the two chains – led by Adairs chief David MacLean and Dusk’s chief Greg Milne – will retain a 20% stake in the chains, which will be placed in a new vehicle to be called Home & Decor Holdings.
Blundy, MacLean, Milne and Catalyst’s managing director Trent Peterson will sit on the board of the new vehicle.
Attempts to contact Catalyst and Blundy’s company BB Retail Capital were unsuccessful this morning.
Blundy was listed on this year’s BRW Rich 200 list with a fortune of $587 million. While he is probably best known as the founder of the Sanity chain, Blundy has a formidable track record in retail as the owner of chain’s such as Bras N Things, jewellery chain Lovisa and youth accessories chain Diva.
Blundy also has an investment in the hugely successful BridgeClimb attraction at Sydney Harbour Bridge and owns a portfolio of retail properties, including a number of bulky goods homemaker centres.
However, Blundy appears to be on something of a sales drive at present. As well as selling of major stakes in Dusk and Adairs, he is also reported to have the put the Bras N Things chain up for sale as well.
Last year, Blundy sold his stake in the Macro organic grocery chain to supermarket giant Woolworths in a deal believed to worth about $30 million.
The Dusk chain has 72 stores in Australia, while Adairs has more than 110 stores.
But the booming Diva chain, which now has 250 stores around the world and has just opened stores in China, appears to be now where Blundy is placing most of his energy and financial clout.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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