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, a speciality in the hospitality sector, and brings with it 31 staff and brokers to the LINK portfolio – increasing the total number of LINK staff in Australia from 80 to 111.
Last year in Australasia, LINK has sold over 660 businesses with a combined value in excess of NZD$300m in the last 12 months alone. The investment into 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.
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 our number one pick for an acquisition in Melbourne. No other business brokerage came close. 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.
“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.
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.
Established in Auckland in 1996, LINK is New Zealand’s largest business brokerage and 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 600 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 over 400. It now has offices in New Zealand, Australia, the Philippines and the United States (including the largest business brokerage office in California). For more information visit www.linkbusiness.co.nz