Select Technology Group has agreed to acquire DID Electrical, which has 23 stores.
Select, formerly known as Compu b, is Ireland’s leading Apple premium reseller with shops in Dublin, Cork, Limerick and Galway, and with business and education offerings across the country.
DID Electrical, which has been trading for 60 years, sells a wide range of electrical appliances for the domestic and business markets.
Controlled by the Houlihan family, ownership of the DID Electrical chain is vested in Peach Limited, a company registered offshore in the Isle of Man.
DID operating company Home Appliance Unlimited had revenue of €109m in the year to March 2021, according to filed accounts, up from €83m the previous year.
Operating profit was €5.3m and net cash generated from operations was €10.5m.
The company’s net worth in March 2021 was €15.8m, including balance sheet cash of €14.2m. Total liabilities in March 2021 amounted to €22m, including €4.7m in tax debt.
Select’s managing director Ciaran McCormack commented: “This deal immediately accelerates our potential Irish retail growth and expansion across Ireland with the addition of 23 stores and a great online offer.
“It also sees us diversify our product portfolio, and through our planned investment we can bring our premium technology experience to a whole new and wider customer base.
“We are delighted to be acquiring DID, as a household Irish brand name, one that I personally grew up with, and we want to ensure customers that they will get the same great service and competitive prices along with the added Select experience.
“This is a transformative deal for Select in Ireland. It allows us to combine the skills and expertise which have driven our growth in consumer electronics and technology retail, B2B and Apple education sales with the passion and talent across the DID Electrical business which we feel will mean that both businesses thrive for years to come.”
Subject to takeover approval from the CCPC, the deal will increase the Select portfolio to 29 stores across Ireland, and up to 51 stores in total across Ireland and the UK.
McCormack said DID Electrical stores will remain under the DID Electrical brand, with Select’s product offering being integrated into DID Electrical stores.
Photo: Rosanna Davison (back in the day) on a publicity photo shoot for D.I.D. (Pic: RollingNews.ie)