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LINK acquires Klemms Business Brokerage in Melbourne.
Press Release; 14/01/19
The largest business brokerage in the world, LINK, today announced the acquisition of leading Melbourne-based business brokerage firm, Klemms Business Brokers. Located in the upmarket suburb of Hawthorn, Klemms boasts 72 years of experience (the longest established business brokerage in Australia), and brings with it 31 staff and brokers to the LINK portfolio. The acquisition makes LINK unquestionably the largest brokerage in Australia with over 1600 businesses for sale across the country and over 110 staff.
Last year in Australasia, LINK sold over 660 businesses with a combined value in excess of $300m. The investment in Melbourne’s oldest business brokerage will support LINK as it continues to grow its Australian presence, cementing its ninth office in Australia and 29th office globally. The Klemms team will gain access to LINK’s significant intellectual property (IP), including its award-winning valuation tool, and experience in larger transactions, training, systems, insights and data analytics in order to boost its efficiency. 2019 is set to be a record breaking for LINK in Australia as it continues to dominate the market.
LINK CFO, Suneil Connor says due diligence on the wider demographics of Australia revealed Melbourne to be an attractive area for LINK to focus its efforts. “With a population of 4.9 million, and an annual increase of 125,000, Melbourne is set to overtake Sydney as the country’s most populous city. The ethnic demographics and number of businesses that sit within LINK’s sweet spot also make Melbourne a city where we wanted to boost our presence.”
Klemms Managing Director, Jamal Dabab says he has been impressed with LINK throughout the entire acquisition process, and is excited about the future of the business. “Having owned Klemms for 34 years, we wanted to choose the right partner to take Klemms to the next level. From the start, we knew LINK was the business that had the strategy, IP, global footprint and reputation to enable Klemms to reach its full potential.”
Aaron Toresen, LINK CEO, shares a similar sentiment, saying, “By reputation and results, Klemms was undoubtedly our most preferred acquisition in Melbourne. No other business brokerage there was comparable. From the outset, the cultural fit between Klemms and LINK was uncanny, and we are excited to invest in Klemms and help both buyers and sellers of businesses realise their goals, as well as propel the brokers there to their potential. “The growth capital we invest in Klemms will enable brokers to do very well, which in turn will contribute significantly to our group,” Toresen concludes.
Soon after the acquisition, LINK relocated Farzin Hesari to the Melbourne office tasked with the transition and bringing new tools and opportunities to our brokers, buyers and sellers. 2018 REIT Business Broker of the Year, Farzin is a Director and shareholder in the new entity, and will be instrumental in its growth.
This acquisition further solidifies LINK’s position as the largest business brokerage in the world, and comes shortly after the completion of a successful oversubscribed NZD$3.45mil capital raise which adds to a further NZD$3.1mil raised 18 months earlier.
The office is now known as “LINK Melbourne – formerly Klemms”.
Established in Auckland, New Zealand in 1996, LINK has grown rapidly to become the largest business brokerage firm in the world.
LINK currently has nearly 3,000 businesses for sale in NZ and Australia with a combined value of $1.71 billion, and has sold over 660 businesses in the last year, with a combined value in excess of $300 million. In the last five years, LINK’s office locations have increased from 11 to 29, whilst broker numbers have increased from 72 to well over 500. It now has offices in New Zealand, Australia, the Philippines and the United States (including the largest business brokerage office in California).