ADH Acquisition of Focus on Furniture

Adairs has agreed to purchase Focus on Furniture (“Focus”), a vertically integrated omni-channel furniture retailer operating in Australia, for an Enterprise Value (EV) of $80 million on a debt free basis (“Acquisition”). The price paid equates to an EV/EBIT multiple of 2.4x FY21 actual EBIT ($32.8 million). Without assuming any synergies, the Acquisition is expected to be immediately EPS accretiv