SYDNEY, Australia – 2nd February 2024 – IPD Group Limited (ASX:IPG) is pleased to announce the successful completion of its acquisition of CMI Operation Pty Ltd (“CMI”) from Excelsior Capital Limited (“ECL”), a prominent distributor of electrical cables and a manufacturer and distributor of plug brands in Australia. This strategic move marks a significant milestone for IPD Group, solidifying its position as the go-to expert in electrical solutions and unlocking new opportunities for growth and innovation in the industry.
This strategic acquisition, as outlined in IPD’s ASX announcement on November 28, 2023, strengthens IPD’s capabilities and product suite, enhances supplier diversity, bolsters its overall value proposition for existing customers, and expands its customer base.
IPD’s Chief Executive Officer, Michael Sainsbury, expressed his delight, stating, “We consider the acquisition of CMI to be transformative for IPD, with substantial benefits for both companies. We eagerly welcome CMI’s team into the IPD family and look forward to leveraging our complementary strengths.”
For additional information, please visit the ASX website (IPG share price and company information for ASX:IPG ) or contact investorrelations@ipdgroup.com.au.