Michael Hill buys Australian jeweller Bevilles

Michael Hill chair Robert Fyfe said that the Bevilles store network was under-penetrated and ready for growth. (Image: BusinessDesk)

Greg Hurrell

Thu, 20 Apr 2023

Michael Hill International has snapped up Australian jewellery and watch retailer Bevilles for a net enterprise value of A$45.1 million (NZ$49m).The purchase of the family-owned Bevilles by the dual NZX/ASX-listed jeweller is expected to generate A$60-$65m in sales, and adjusted underlying earnings before interest, tax, depreciation and amortisation (Ebitda) of A$7.5m-$8.5m for the June 26, 2023, financial year. That price represented around 5.6 times the expected adjusted underlying Ebitda for the 2023 year. Michael Hill predicted th...

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