Michael Hill International has snapped up family-owned Bevilles Jewellers in a $45 million all-cash deal.
has snapped up family-owned Bevilles Jewellers in a $45 million all-cash deal that will increase its store presence, beef up earnings from mid-market gold and silver jewellery and reduce its reliance on precious gemstones.
Expanding the Bevilles store network in Australia from its 26 sites is a top priority for the group to take market share. Michael Hill locally has about 145 stores, while competitors in the mid-market area have north of 200. Michael Hill chairman Robert Fyfe said the Bevilles acquisition “ticks many boxes”, especially in a tougher economic climate with customers searching for value, and helped to expand its total addressable market.
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