By Patrick Avenell

Shriro CEO Mike Westrup has confirmed the purchase of Hagemeyer Brands Australia has been completed. In a short statement to media, Westrup thanked Hagemeyer for its professionalism during this acquisition period.

“We thank them for their professional and positive contribution throughout this process and wish them the best for the future,” said the official statement.

As a result of this sale, former Hagemeyer CEO Mark Bilton and CFO Carl Bowlder have resigned.

Bilton joined Hagemeyer in September 2009 with a clear remit to change the culture at Hagemeyer. Although in possession of a number of successful, well known brands, including JVC, Omega, Altise and Smeg, Hagemeyer was on a downward trend.

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The first major change implemented during Bilton’s reign was the sale of the Smeg brand back to Smeg Italy, which was completed at the start of 2011. As a result of this sale, a number of Smeg staff, including CEO Andrew Cronin, departed Hagemeyer to join the new business.

Bilton was also instrumental in turning around JVC’s fortunes, with the Japanese brand returning from a period of underperformance to category leadership. Much of this success is also due to former JVC brand manager Susan Rogic, who recently resigned from Hagemeyer to join Valvoline.

For the full story on Shriro's purchase of Hagemeyer, check out the August issue of Appliance Retailer magazine.