LE Whittaker and Sons Pty Ltd (OZtrail) announced today that its shareholders have reached an agreement to enter into a sale transaction with a consortium led by Odyssey Private Equity (Odyssey), Vanessa Garrard and Dr Glen Richards. The terms of the transaction are confidential.
As part of the transaction, Odyssey will acquire a controlling interest in the well known and loved, third-generation Australian outdoor leisure products business. Founded in 1989, the Business has a strong track record of product innovation and growth through retailers both domestically and internationally, including in over 9 countries. Following the transaction, Oztrail will continue to operate out of its Brisbane Head Office located in the TradeCoast precinct.
Andrew Whittaker, General Manager of OZtrail said: “We are proud of what our team has achieved in building OZtrail into what it is today. We made this decision because Odyssey, Vanessa and Glen have demonstrated they are best aligned with our vision and we look forward to drawing on their industry experience and access to funding that will enable growth and opportunities for our extended OZtrail family of staff, suppliers, customers and consumers. We are looking forward to working with experienced operators who have contributed to the success of companies like Greencross Vets, Macpac, Petbarn and Lorna Jane. The Whittaker family involvement will also continue as I am staying with the business to help implement our exciting growth plans.”
Paul Readdy, Partner at Odyssey Private Equity said: “This is a great chance for Odyssey to work with our new partners and apply our strong outdoor leisure product knowledge and experience. OZtrail has built up an impressive position in the industry and we are keen to invest further in the brand and the business.”
Vanessa Garrard, Group CEO said: “We are delighted to be partnering with OZtrail, this partnership will bring the benefits of scale, strong market access and category expertise to help take the Business to the next level. We look forward to continuing to provide and expand on OZtrail’s wide range of products catering for outdoor leisure enthusiasts.”
Financial advisors to OZtrail were KPMG and Talbot Sayer provided legal advice.
Terms of the deal were not disclosed. Completion of the transaction is expected to take place in the first quarter of 2018 but for the meantime it will be business as usual for OZtrail as they head into the peak Christmas season.
For further information please contact:
Odyssey Private Equity