Universal Store Holdings Ltd → Cheap THRILLS Cycles Pty Limited (THRILLS)
completedDeal announced2022-09-26
BuyerUniversal Store Holdings Ltd
SellerCheap THRILLS Cycles Pty Limited (THRILLS)
SectorFashion Retail
ValueA$50.0M
Deal typeM&A
Universal Store agreed to acquire Byron Bay youth fashion brand THRILLS for an enterprise value of A$50 million, completing 31 October 2022. THRILLS generated A$34.6m FY22 sales and A$7.6m underlying EBITDA.
Why the buyer wanted it
Universal Store wanted to diversify beyond its core banner into a second youth-fashion growth brand with an already-profitable, distinct customer base.
Why the seller agreed
THRILLS' founders received a mix of upfront cash, listed Universal Store scrip and deferred earn-out consideration tied to future performance.
Stock reaction
Not specifically detailed in available coverage.
Deal mechanics
Deal structure
A$17.5m cash, 3.5 million Universal Store shares, plus up to A$15.0m deferred variable consideration