Menu
Lacklands to light up Broadway

Lacklands to light up Broadway

Broadway Industries, owner of photographic products distributor HE Perry, looks set to create a “substantial player” in the photographic products distribution business by buying and amalgamating similar firm Lacklands.

Lacklands’ major agencies include Ricoh, Leica and Sandisk, while HE Perry distributes Olympus cameras, as well as other photographic products. Broadway chief executive Howard Milliner says the two photographic distribution firms’ combined annual turnover would be about $25 million.

The objective of the planned buyout is to add agencies to HE Perry and spread financial risk, rather than to achieve cost savings, Milliner says.

“We have always felt [HE Perry] were too reliant on one agency [Olympus]. HE Perry hasn’t been particularly successful at adding agencies whereas Lacklands has. We see this as a very positive step, which will make [the companies] that much more substantial in terms of turnover.”

In its half-year result announcement in February Broadway said it had identified an acquisition opportunity, and would need a rights issue in September to finance the purchase. Milliner expects the rights issue to be completed in November.

He says Broadway fully intends to make the acquisition, but the deal currently remains conditional.

Lacklands director John Evitt says the move will be extremely successful in the long-term, and the two will make a strong company together. His firm’s annual turnover is about $12 million, he says.

Both HE Perry and Lacklands have lengthy histories, with the former established in 1932 and the latter in 1949.

Although HE Perry is headquartered in Christchurch, each has premises in the Auckland suburb of Mount Eden, and Milliner says there is an “obvious fit” to move HE Perry’s operations to the Lacklands building. He says there may be some changes in staff roles as the businesses combine, but it’s too early to say what they could be.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags broadway industrieshe perrylacklands

Featured

Slideshows

Meet the leading customer-centric Microsoft channel partners

Meet the leading customer-centric Microsoft channel partners

Microsoft honoured leading partners across the channel following a year of customer innovation and market growth in New Zealand. The 2018 Microsoft Partner Awards recognised excellence within the context of the end-user, spanning a host of emerging and established providers.

Meet the leading customer-centric Microsoft channel partners
Reseller News launches new-look Awards at 2018 Judges’ Lunch

Reseller News launches new-look Awards at 2018 Judges’ Lunch

Introducing the Reseller News Innovation Awards, launched to the channel at the 2018 Judges’ Lunch in Auckland. With more than 70 judges now part of the voting panel, the new-look awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors.

Reseller News launches new-look Awards at 2018 Judges’ Lunch
Show Comments