Australian private equity firm Anchorage Capital Partners has completed its acquisition of David Jones.
David Jones CEO Scott Fyfe and his management team will continue to run the business, following the department store's strongest half year result since 2014. David Jones delivered $106 million EBITDA for the half year ending December 2022.
Fyfe said the leadership team at David Jones has started the year energised by its next phase of growth.
“We enter David Jones’ 185th year off the back of record results and exceptional holiday trading, we remain the premier destination for premium and luxury products and experiences, in-store and online.
"With the support and financial commitment of Anchorage, we’ve secured the right investment to lead Australia’s retail industry into the future.
“This new partnership has added renewed vigor to the world’s oldest continuously operating department store, and we’re excited to seize the momentum and take our rightful place as Australia’s most iconic shopping destination.”
The acquisition comes after major investment in revitalising David Jones' flagship Bourke Street, Melbourne and Elizabeth Street, Sydney stores.
Anchorage confirmed the business would continue to invest across bricks-and-mortar and digital channels.
“We are proud to complete the acquisition of David Jones as it enters its next phase of growth and innovation. We see a clear pathway of opportunities for David Jones as an established leader creating world-class in-store experiences through meaningful upgrades and seamless omnichannel experiences.
"We look forward to working closely with CEO Scott Fyfe and his highly experienced management team to support the execution of David Jones’ Vision 2025+ strategy, which is already well underway.”
David Jones has 43 locations across Australia and New Zealand as well as davidjones.com in Australia.