Kiwi owned business brokerage acquires Melbourne beachhead
Monday, 14th January 2019
Kiwi owned global business brokerage LINK acquires Melbourne beachhead
The country’s leading, and world’s largest business brokerage firm, LINK, today announced the acquisition of one of Australia’s premier business brokerages, Klemms Business Brokers, based in Melbourne.
Located in the upmarket suburb of Hawthorn, Klemms boasts 72 years of experience, a speciality in the hospitality sector, and brings with it 31 staff and brokers to the LINK portfolio – increasing the total number of LINK staff in Australia from 80 to 111.
The acquisition further solidifies LINK’s position as the largest business brokerage in the world, and comes shortly after the completion of a successful oversubscribed NZD$3.45m capital raise.
LINK has sold over 660 businesses with a combined value in excess of NZD$300m within Australasia in the last 12 months alone. The investment into Melbourne’s oldest business brokerage will support LINK as it continues to grow its Australian presence, cementing its ninth office in Australia and 29th office globally.
Klemms staff and brokers will gain access to LINK’s significant intellectual property (IP), including its award-winning valuation tool, and experience in larger transactions, training, systems, insights and data analytics in order to boost its efficiency.
LINK CFO, Suneil Connor says due diligence on the wider demographics of Australia revealed Melbourne to be an attractive area for LINK to focus its efforts.
“With a population of 4.9 million, and an annual increase of 125,000, Melbourne is set to overtake Sydney as Australia’s most populous city. The ethnic demographics and number of businesses that sit within LINK’s sweet spot also make Melbourne a city where we wanted to boost our presence.”
Klemms Managing Director, Jamal Dabab says he has been impressed with LINK throughout the entire acquisition process, and is excited about the future of the business.
“Having owned Klemms for 34 years, we wanted to choose the right partner to take Klemms to the next level. From the start, we knew LINK was the business that had the strategy, IP, global footprint and reputation to enable Klemms to reach its full potential.”
Aaron Toresen, LINK CEO, shares a similar sentiment, saying, “By reputation and results, Klemms was our number one pick for an acquisition in Melbourne. No other business brokerage came close. From the outset, the cultural fit between Klemms and LINK was uncanny, and we are excited to invest in Klemms and help both buyers and sellers of businesses realise their goals.
“The growth capital we invest in Klemms will enable brokers to do very well, which in turn will contribute significantly to our group,” Toresen concludes.