Kogan Acquires NZ Online Retailer Mighty Ape

Power Retail By Power Retail | 03 Dec 2020

Kogan has acquired the New Zealand gaming, toys and entertainment online retailer, Mighty Ape for $122.4 million.

Mighty Ape is a ‘profitable, fast-growing’ online retailer that focusses on toys, gaming and entertainment categories.

“We are pleased to be bringing the iconic Mighty Ape into the Kogan Group, and are delighted to be welcoming Simon Barton and his team,” said David Shafer, the COO of Kogan.

“We are a natural home for Mighty Ape, given similar histories and shared values — most importantly our obsession with delighting customers, and continually improving the online shopping experience. Mighty Ape has more than a decade of experience and track record of delighting Kiwi customers, and has become one of New Zealand’s most trusted brands.”

Kogan has acquired 10 percent of the company, and the acquisition aims further to accelerate Kogan’s customer offering in the digital landscape.

Mighty Ape currently has more than 690,000 unique customers, with over 895,000 subscribers in its database.

“Mighty Ape will give us significant scale in New Zealand and further strength across a variety of operational dimensions,” Shafer explained.

“We will be drawing on Mighty Ape’s deep experience in gaming, toys, other entertainment product categories and the New Zealand market, and combining this experience with Kogan.com’s sourcing, technology, systems, infrastructure, and marketplace capabilities, to further enhance the group’s already market-leading offering across the Tasman.”

Its forecast revenue is projected at AUD 137.7 million, Gross Profit of AUD 45.7 million and EBITDA of AUD 14.3 million.

The headline price of this acquisition by Kogan is AUD 122.4 million, which will be payable over four tranches. It is subject to variation under earn-out through the delivery of the FY23 results. Furthermore, the Founder and Executive team will be retained with incentive until ‘at least’ the delivery of the FY23 results.

“We look forward to serving and delighting customers throughout New Zealand and Australia in an ever-widening range of categories, as smart shoppers increasingly turn online for their shopping needs,” Shafer concluded.

More details to come.

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