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Industry insider news for Australia's technology resellers
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Australian premium Apple reseller brought out

By Catherine Knowles
Wed 4 Mar 2015
FYI, this story is more than a year old

Broad Investments Limited has announced it's entered two separate agreements for the acquisition of MyMac, Australian based Apple reseller, and Monsta Industries, the Mac accessories wholesaler.

In a statement, Broad said the acquisition of MyMac is the result of ‘lengthy’ negotiations over a period of approximately four months.

MyMac is currently the largest privately owned premium Apple reseller in Australia with three stores in Melbourne and one in Sydney.

The reseller has been in the business for 15 years and has an annual turnover of approximately $14 million.

However, this is expected to increase with the additional turnover that Monsta and MyMac’s recent school’s initiative will bring, says Broad.

Steve Bardel, MyMac managing director and founder, will continue with the business for at least a period of three years.

As part of the acquisition agreements, Bardel will join the board of the company sometime after completion of the transactions.

Monsta Industries is an importer and wholesaler of Apple accessories and supplies various Apple reseller and technology stores across Australia. It currently has a turnover of approximately $1 million.

At present, Monsta doesn’t supply any MyMac stores, but the acquisition will immediately enable Monsta to provide the four stores with accessories.

In a statement, Broad said it was able to successfully negotiate the acquisition agreement ahead of several other competitors, and calls it ‘a significant coup’ given that MyMac is the only privately owned premium Apple dealer in Australia.

Broad says Cathy Bray, the most recently appointed board member, was a ‘valuable sounding board’ during the negotiations between Broad’s Chairman and MyMac vendors.

Vaz Hovanessian, Broad Investments chairman, says, “It was a hard fought battle on both sides but the result is fair and pleasing for all the parties and provides both the vendors and Broad the opportunity to benefit from the transactions.

“For Broad in particular the acquisitions are of significance not only because this was the third attempt by Broad in two years to acquire the businesses, with no success on the first two occasions, but also because it opens up so many opportunities for Broad to benefit its existing and newfound shareholders.”

The acquisition is expected to be EPS accretive and with the combination of the three businesses, Broad is looking to be a higher level player in the technology and telephony space with the combined offerings.

Broad says MyMac, Monsta and Mirrus will merge operations into a single location to save on warehousing, administration and accounting costs.

Broad says this will be achieved ‘relatively quickly’ as Mirrus’ lease commitments have ended and the Monsta Industries facilities have enough spare space to accommodate all three operations.

Recently, MyMac has extended operations into supplying Apple products for schools as well as offering to set up local area networks (LAN) and internet security within school premises, including various repair and service operations for products under or out of Apple warranty.

Broad says this service work is expected to increase exponentially as schools enter fixed term ‘fix or replace’ agreements with MyMac.

MyMac’s repair and service income has increased 35% year-on-year and is expected to continue. These are much higher margins than the retail operations provide, says Broad.

However, the school initiatives are expected to increase the retail sale of accessories as the market opens up with younger consumers, Broad says.

Mirrus provides modem and switch installations as well as cabling and repair services for SME clients of AAPT/Powertel, which is now part of TPG following the acquisition about 12 months ago.

Mirrus’ expertise in cabling, office network and installations will complement the offerings by MyMac to the ‘lucrative’ educational market, and MyMac will be better placed to take advantage of this, Broad says.

Broad’s other subsidiary, Unified Business Communications Group (UBCG) provides PABX and handset repair and installation services and is also venturing into other telephony offerings which it can cross-sell to schools.

The transaction will involve the issue of 574,149,098 shares and 25 million Incentive Options (the Options to vest in 12 months and exercisable at 0.5 cents) to unrelated and unassociated vendors.

Under the agreements one vendor only, who was a substantial holder in both MyMac and Monsta, will hold 19.9% of the issued capital of Broad, with the agreements allowing for that percentage to be maintained if any additional shares are issued between now and up to the next AGM that are other than for fund raising, acquisitions or debt reduction.

The shares issued to this holder will be escrowed to the extent of 50% for up to 24 months, with 25% being released after 12 months and the balance 25% after 24 months.

The acquisition also includes an immediate payment of $200,000 in cash on completion.

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