Direct Factory Outlets hunts for investor or buyer

Direct Factory Outlets, the retail chain founded by Rich 200 members David Goldberger and David Weiland, is looking for a buyer or investor as the company seeks to capitalise on the success of its bargain-loving format.

The company, established by Goldberger and Weiland in 1996, has grown to dominate the factory outlet sector and established an impressive footprint with eight DFOs and three homemaker centres.

According to a report in the Australian Financial Review, the company has engaged real estate firm Jones Lang LaSalle to conduct the sale process. The group, which reportedly has revenue of $1.5 billion, could be sold outright, or an institutional real estate investor could buy the underline properties and retain the current management.

DFO is owned by Goldberger, Weiland, chief executive Geoff Porz and managing director Frank DeRango.

Weiland and Goldberger, who own houses next door to each other in the upmarket suburb of Toorak, were jointly listed on last year’s BRW Rich 200 with a fortune of $712 million.

The pair are best know for founding the discount petrol chain Solo in 1974, before selling it 15 years later for a reported $200 million. They now own the petrol wholesaler Liberty Oil.

DFO, which currently has stores in Melbourne, Sydney, Brisbane, Canberra and Cairns, has plans to extend the chain to Hobart, Townsville, Perth and potentially overseas.