Midea / Residentia GroupMN-01106

Parties

Summary

International technology group Midea Group Co., Ltd acquired a majority of shares in Australian whitegoods and electronic household appliance distributor, Residentia Holdings Pty Ltd. Midea, a manufacturer and major OEM supplier to Residentia, distributes brands including Omega and Sôlt across Australia and New Zealand.

Acquisition details

Midea Group Co., Ltd (together with its subsidiaries or affiliates, Midea ) proposes to acquire a majority of the shares in Residentia Holdings Pty Ltd and its Australian business (together with its subsidiaries, Residentia ) (the Acquisition ). Midea is a major international technology group, organised into several divisions, including Smart Home, Industrial Technology, Building Technology, Robotics & Automation, New Energy, Healthcare and Smart Logistics. Relevant to the Acquisition, through its Smart Home division, Midea manufactures whitegoods and electronic household appliances, including dishwashers, cooking appliances, laundry appliances, air purifiers, fans, and portable air conditioning appliances. Midea supplies products under its ‘Midea’ brand and original equipment manufacturer ( OEM ) products on a ‘white label’ and ‘private label’ basis to wholesalers and retailers. Residentia is a private company, founded in 2014 and headquartered in Melbourne, Australia. Residentia is active in the distribution of whitegoods and electronic household appliances across Australia and New Zealand. It supplies products under the Elica, Esatto, InAlto, Omega, Sôlt, and Teka brands to traditional retailers and commercial merchants, and (to a very limited extent) supplies private label products to retailers. Midea is a major supplier of OEM whitegoods and electronic household appliances to Residentia.