Visy has acquired moving and storage boxes supplier and distributor Zenexus, which owns household brands such as FlexiStorage, RackIt and Wrap&Move.
Zenexus distributes these products exclusively through Bunnings in Australia and New Zealand, as well as through Homebase in the UK.
Visy expects the acquisition to add approximately A$170m ($113m) to its annual revenues. Financial terms of the transaction have not been disclosed.
Anthony Pratt, Executive Chairman, Visy, said, “The purchase will allow Visy to join our sister company Pratt Industries in the US with a dedicated, retail-facing business unit called Visy Retail Services.”
Following the acquisition, Zenexus’ brands will continue to be sold through Bunnings and Homebase.
