Broad Investments (ASX:BRO) has announced the successful completion of its two acquisitions – privately owned premium Apple reseller in Australia, MyMac, and importer and wholesaler of Apple accessories, Monsta Industries.
This announcement follows a recent statement in early March that the company will be entering into two separate agreements for the acquisitions.
According to Broad Investments, the acquisitions provide the company with about an additional $15 million in turnover, with the profit expected to be earnings per share (EPS) accretive. The company said in a statement this profit should also contribute materially to its overall financial performance.
In addition, it claimed that the acquisitions will create “an excellent platform to exploit further opportunities in the technology and telephony space for the Broad Group”.
Going forward, Broad Investments claimed that MyMac will continue to focus on its school initiative and its repair and service offering while Monsta Industries will adopt a more favourable price structure when selling Apple accessories to MyMac and other Apple reseller stores.
Broad Investments also made changes to its board of directors. MyMac managing director and founder, Steve Bardel, will join the board of Broad Investments in addition to carrying on his role at MyMac.
Also joining the board is Gary Franklin, who has had more than 30 years of experience in financial and chief financial officer roles. He’s previously worked with companies such as News Limited, Volvo, and GKN.