Taking Oz market to the Max

NEW ZEALAND: Kiwi womenswear brand Max is to boost its market penetration in Australia following its purchase by clothing and homeware retailer EziBuy for an undisclosed sum.

EziBuy would leverage its multi-channel retailing infrastructure – which includes mail order, telephone, website and bricks-and-mortar stores -- to gain Australian market share for the Max brand, confirmed EziBuy chief executive Mary Devine.

Devine has been anointed as Max managing director while Max's current chief executive Mike Beagley will become a consultant to the business. The Max management team is likely to remain the same.

Launched in 1985, Max now operates 39 stores throughout New Zealand and boasts a turnover of about $NZ 60 million ($AUD 53 million). The brand was previously owned by New Zealand private equity company Direct Capital, Max founder David Wright and other members of management.

Meanwhile Direct Capital – which also previously had an interest in EziBuy – sold a 43.5 per cent stake in EziBuy to Australian private equity company Catalyst Investment Managers last February. EziBuy has been on the hunt for acquisitions with growth potential in the Australian market since then.

Established in 1978 by brothers Peter and Gerard Gillespie -  now the company's majority shareholders - EziBuy first entered the Australian market in 1992 and now boasts an annual turnover of $NZ 190 million ($AUD 168.3 million).