In November 2005, CHAMP and Catalyst Investment Managers, together with management, entered into agreements to acquire the Australian discount variety retail businesses of Miller’s Retail Limited (“DVG”) and The Warehouse Group Limited (“TWA”) for an aggregate purchase price of A$200 million.

TWA and DVG are the two major players in the discount variety sector in Australia.  Both compete on excitement and price, appealing to value-conscious customers. TWA trades under The Warehouse name and has 122 stores throughout Australia and DVG operates the Go-Lo (NSW, Victoria and SA), Crazy Clark’s (Qld, WA & NT) and Chickenfeed (Tasmania) stores.

CHAMP and Catalyst believe there is fundamental value to be created in combining the businesses into a single entity wholly focused on Australian discount variety retailing. The combined entity will be Australia’s leading discount variety retailer with over 400 stores, revenues in excess of A$1 billion and a store presence in every state and territory in Australia.