Metcash Limited
(ASX:MTS) has acquired hardware retail chain Mitre 10 for $46.5 million.
The grocery wholesaler has held a 50.1 per cent interest in the business for over two years and has been watching its financial performance closely.
The acquisition includes 400 Mitre 10 and True Value stores along with wholesale distribution channels.
The company recently raised $325 million to be used for acquisitions and capital expenditure and has since purchased a majority stake in Automotive Brands Group for $53.8 million.
Metcash generated a full year net profit of $ 98.2 million.
