Legend to acquire MPower’s products business
Legend Corporation has announced that it will be acquiring the entirety of MPower’s product distribution business for $4.6 million. It includes emergency and evacuation lighting and off-grid renewable power system and industrial batteries.
Included in the acquisition is the Bardic and M+H Power Systems brands, two well-respected brands that are distributed throughout Australia, New Zealand and the Pacific region.
“This is a really exciting first acquisition for the Legend business, under the new ownership, and represents a unique growth opportunity into new and growing end-markets,” Legend chief executive Gary Uren says.
“Following the transaction, Legend will have a market-recognised emergency lighting range, and can provide customers with a fully-fledged off-grid renewable power solution and an industrial battery product offering.
“Bardic and M+H Power Systems are two iconic Australian businesses that are well entrenched in the marketplace and will deepen Legend’s value proposition for existing and new customers build further scale and provide a platform for further innovation.”
Legend’s Cabac business already benefits from strong customer relationships with wholesalers and the addition of Bardic can help create a more meaningful supply of business-critical products which can unlock more value and create further opportunities.
“Legend will continue to drive new opportunities that increase our distribution here in Australia and New Zealand, whilst broadening our customer and distribution network. Today’s acquisition is just one of many opportunities in Legend’s pipeline that can accelerate innovation in core markets as well as service new end-markets to the benefit of all our customers,” Gary adds.