Michael Hill International Limited → Bevilles
completedMichael Hill International agreed to acquire the business and selected assets of family-owned jewellery retailer Bevilles for A$46.1 million, ending nearly 90 years of Beville family ownership. The deal completed 31 May 2023.
Michael Hill described the deal as a "highly complementary" strategic fit, adding Bevilles' 26-branch network — expected to generate up to A$65m in sales and A$8.5m in EBITDA in FY2023 — to enlarge its own store footprint.
The Beville family exited after three generations of ownership, taking a combination of upfront cash and earn-out payments over two years (with a A$1m minimum floor).
Not applicable — Bevilles is privately held.
Framed as immediately EPS accretive for Michael Hill and a straightforward network-expansion bolt-on.
Deal mechanics
Cash upfront plus earn-out payments over two years with a minimum payment floor of A$1 million; funded from Michael Hill's existing cash reserves and undrawn debt facility