It was just a couple of months ago that The Warehouse picked up Noel Leeming Group for $65 million and now it's set to spend up to $33 million on online sporting gear retailer Torpedo7 .
The Warehouse will acquire 51 percent of Torpedo7, with $20 million payable upon settlement next month and the performance-related balance payable over three years. The rest of the shares will be retained by existing shareholders.
Torpedo7 will remain in Hamilton as a standalone business and its management will stay on.
The Warehouse chief executive Mark Powell said Torpedo7 had a substantial and loyal customer base and its expertise in growing online businesses would be a valuable addition. Last August, The Warehouse began sending out Red Alert emails, essentially daily deals on its own stock.
The Warehouse chairman Graham Evans said the partnership marked another step in the expansion of its "multichannel" business and would offer customers "a retail experience when, how and where they want it across a broader range of products".
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