Electronics retailer, Mwave has been sold to the digiDirect Group following its parent company Esel, entering voluntary administration.
In a business update on Mwave’s blog, the business said it would continue to trade from its Lidcombe headquarters before transferring its operations to the digiDirect Group’s headquarters in South Strathfield, Sydney.
All current Mwave employees have also been offered roles under its new owners.
“Under the new management, our vision is to build on the Mwave operation that customers know and love and utilise the resources and expertise within The digiDirect Group,” the company stated.
“The digiDirect Group and its subsidiary companies [have] a long history and stellar reputation of serving its customers and broader industry with excellence on a consistent basis. Mwave will be no exception to this.”
All orders and transactions from Mwave will also remain the same according to the update.
DigiDirect Group CEO Shant Kradjian said Mwave would greatly complement the business.
“The business has been a pioneer in the technology space and enables us to drive scale in a fast-growing category, borne from consumer demand, fuelled by the continued growth of the gaming community,” Kradjian said.
In December 2020, Mwave attracted investment from Anacacia Capital, which Anacacia indicated stemmed from its A$300 million Private Equity III Fund.
It also won federal government tenders in the last 15 years, as AusTender shows Mwave won A2.4 million across 61 tenders.
Kradjian also said that he believes digiDirect would provide a great home for the Mwave business.
"Especially considering the infrastructure we have in our Group, most notably in our advanced Customer Fulfilment Centre, and the collective expertise among our personnel across multiple departments. We see significant potential in taking Mwave from strength to strength,” he said.
This comes days after joint administrators, Antony Resnick and Henry Lo Leung Kwok from dVT Group, were appointed to Esel on 13 June.
