Source: Facebook/ Total Tools
Wholesale distribution company Metcash will fully acquire trade tool supplier Total Tools by the end of this month.
Metcash currently owns 85% of Total Tools and is acquiring the remaining 15% stake for $101.5 million after the current owners of the minority stake exercised a put option.
Total Tools has 112 retail stores and is expected to open about 10 more stores a year for the foreseeable future.
Meanwhile, Paul Dumbrell intends to step down as CEO of the company, effective by the end of April.
Dumbrell has been serving as CEO since 2018 and remained in the role after Metcash acquired a majority stake in the company in 2020.
“Paul has played a key role in the growth of Total Tools and in the smooth and seamless transition to Metcash ownership. He is leaving the Total Tools business in great shape with a successful winning strategy and a strong leadership team,” said Metcash Group CEO Doug Jones.
An executive search has been launched to find a new CEO among internal and external candidates.
This article was first published by Inside Retail.
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