Metcash announced the acquisition of Superior Food Group, Bianco Construction Supplies, and Alpine Truss.
Financed through a fully underwritten placement and a share purchase plan for Australian and New Zealand shareholders, the move is expected to result in mid-single digit earnings per share accretion, with approximately $19 million expected two years post-completion.
The acquisitions aim to bolster Metcash's presence in the food service and hardware sectors, solidifying its position in the Australian food service market through the addition of Superior Food.
The $577.5 million expansion, subject to regulatory approval, is set to be completed in the fourth quarter of FY24 and the first quarter of FY25.