Ann: Acquisition of e&s, page-9

Thanks to @justinp.
More details about this acquisition from Roger Montgomery :

The final piece of news was the announced acquisition of E&S Trading for $47.8 million for 75 per cent of the business with an option to take out the remainder in 2029. With access to high end U.S. brands like SubZero, Wolf and Liebherr, the company will begin by replicating in Victoria the success of winnings appliances in Sydney (unless it buys winnings next). The business will also bring into the JB Hi-Fi fold a premium customer willing to pay up to $50,000 for a stove and $60,000 for a fridge.

E&S Trading has ten showrooms in Victoria and one in Canberra, generating annual revenues of $230 million and earnings of $7 million, the latter meaning JB Hi-Fi is paying less than ten times current earnings.

JB Hi-Fi’s CEO, Terry Smart, confirmed the acquisition gives JB Hi-Fi exposure to the premium home appliance customers, as well as the bathroom category and large commercial construction customers – those who buy 250 stoves at a time for an apartment development – as well as to higher end builders and architects.

“The E&S business has a highly complementary premium product offering, which will appeal to a new customer base, and a commercial construction market focus, making it a strategically compelling addition to JB Hi-Fi,” Smart noted.