Homewares retailer Adairs is seeking to get a larger slice of the $8.3 billion-plus bulky furniture market after snapping up Focus on Furniture in a deal that values the company at $80 million on an enterprise value basis.
Total consideration comprises $74 million in cash and a $6 million placement in Adairs to the major shareholder and continuing Focus chief executive, Rob Santalucia.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
