Leading private equity firm, Anchorage Capital Partners will acquire the David Jones business. The deal brings it back under Australian ownership after the department store was acquired by South African based Woolworths Holdings Limited in 2014.

Anchorage has extensive experience in retail and consumer investments over 25 years and a strong track record of investing in businesses to accelerate growth and achieve strategic and financial objectives.

Founded in 1838, David Jones has 43 stores and two distribution centres across Australia and New Zealand, as well as a growing e-commerce business.

A spokesperson for Anchorage said the firm is thrilled to announce this landmark acquisition of a distinguished Australian retailer.

“David Jones has a storied history, immense brand value and unparalleled assets―including an attractive retail footprint, a loyal customer base, and dedicated employees,” the spokesperson said.

“The Anchorage team will work closely with CEO Scott Fyfe and the talented David Jones management team on the next phase of its transformation. Under this team’s stewardship, David Jones is now profitable, cash-generative, and self-funding, and we are confident in David Jones’ next chapter as the retailer of the future with a seamless omnichannel experience.

“This transaction aligns with Anchorage’s investment strategy and its successful track record of executing complex carve-outs. We look forward to leveraging our deep industry expertise, hands-on approach with management, and continued investment to drive key initiatives to grow the business and deliver sustainable future performance.”

David Jones CEO, Scott Fyfe said the leadership team at David Jones is thrilled to have the support and financial commitment of such a well-respected owner in Anchorage.

“Together, we see many opportunities to optimise value and innovation in the David Jones business as we enter a new phase of growth. David Jones has been through a significant transformation, driven by our Vision 2025+ strategy, and I look forward to working with the Anchorage team to further enhance the leadership position of David Jones in Australia as the nation’s leading omnichannel retailer and one of its most loved and long-standing brands.”

The transaction is expected to close by the end of March 2023, subject to customary closing conditions.