The purchase, completed last Thursday, included all intellectual property and goodwill of the family-run business. The transaction was funded from Kogan.com's cash reserves.
Corporate M&A Partner Jeremy Leibler, who was supported by Lawyer Luke Jedynak, advised Kogan.com on the transaction.
Jeremy Leibler commented on the transaction: “I am very pleased to advise our long-standing client on its expansion into the furniture and homewares sector. Retailers like Kogan.com will ensure that the systemic shift to online shopping that we're seeing during COVID-19 isn't temporary.”
Ruslan Kogan, Founder and CEO of Kogan.com stated: “We are pleased to bring the iconic Matt Blatt brand into new ownership, and relaunch the business as an online-only offering. Our acquisition of Matt Blatt gives us a springboard from which to expand our reach in the furniture and homewares market. We will be drawing on Matt Blatt’s decades of industry expertise and combining it with Kogan.com’s technology, systems and infrastructure to deliver market-leading offering. We look forward to serving and delighting furniture and design lovers all over Australia.”
ABL has worked with Kogan.com since its inception, advising the company on many aspects of its growth, including its initial public offering, acquisition of online consumer electronics retailer, Dick Smith and on its agreement with Vodafone to offer mobile phone plans to customers on the Vodafone network.