Pure speculation for me, but I find that Joyce could be a good fit for Nick Scali.
Main reasons : - while Nick Scali is specialised in sofa, Joyce is specialised in kitchen and bedding; the main interest would be that KWB (kitchen business) has been doing well during the last 18 months, while the sofa business had a major slowdown, so it would be a good way to de-risk Nick Scali core business, - like Nick Scali, Joyce's main business, KWB, has high margin and a limited asset base, thanks to its showroom business, - Nick Scali had a great success with the integration of the Plush* acquisition and it is now looking for other acquisitions (it has been talking about entering the UK market). - KWB/Joyce have a high level of free cash flow yield, which would limit the risk of such an acquisition.
* unlike Plush acquisition, Joyce would probably have limited synergies with Nick Scali.
