Resero – Acquisition of Manufacturer in Administration
We were approached by the owner of Resero, Hamish Whyte, to advise on the acquisition of Sebel Furniture. Hamish was a strong advocate for the Sebel brand and the product, and felt the acquisition opportunity could add to Resero’s business portfolio in the education learning space environment.
Sebel was owned by a large US furniture manufacturer that had made the decision to exit its Australian operation, as the business had struggled with profitability and no longer met the owner's investment requirement. The owner placed Sebel into voluntary administration.
Deloitte’s restructuring and insolvency team were managing the voluntary administration and leading a sale process. PKF was able to negotiate a structure that saw Sebel continue as a viable business. This included conducting due diligence on Sebel, advising on the terms of the acquisition and its structure as well as supporting negotiations with suppliers and Sebel’s landlord.
We have continued to provide advice to Hamish and his team on the restructuring of Sebel. Sebel is now forecast to operate profitably, has a strong purpose and positioning and great engagement from the staff who are excited to see Sebel's potential being realised after a long period of underperformance.
“It has been a pleasure to work with the team at PKF throughout the process and we will continue to engage with them in
the process of rebuilding the Sebel business. The ability to have one firm of great people who could help us work through
due diligence, structure, negotiations, taxation and valuation was extremely beneficial, particularly with a business that was in administration and the time constraints involved. I look forward to working with the team in this, and future business adventures.”