Apple reseller Select Tech has completed the acquisition of appliance and tech store chain DID Electrical, following approval of the deal by the Competition and Consumer Protection Commission (CCPC).
Irish-owned Select Tech Group (formerly known as Compu b) is a premium reseller of Apple products across 34 locations in Ireland and Britain, including six stores across locations in Dublin, Cork, Limerick and Galway. Select Tech is owned by its management team of four directors, led by managing director Ciaran McCormack and financial director Alan Victory.
DID Electrical, founded in 1968 by Gerry Houlihan and owned by the Houlihan family until this acquisition, delivers a range of electrical appliances for the domestic and business markets, across 23 stores in Ireland.
In November, Select Tech said it had entered in to an agreement to acquire DID Electrical for an undisclosed sum, noting that the combined revenues of the two companies would be more than €250 million.
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At the time, managing director Ciaran McCormack said the deal would be “transformative” for Select Tech in Ireland.
In a decision handed down on December 6th, the CCPC said that the acquisition “will not substantially lessen competition in any market for goods or services in the State”. The CCPC will publish the reasons for its ruling within 60 days of the decision date.
The deal will increase Select Tech’s portfolio to 29 stores across Ireland, and 51 stores in total across Ireland and Britain.
All DID Electrical stores will remain under the DID Electrical brand.
Select Tech has said it plans to enhance store offerings in DID Electrical locations, and integrate DID Electrical teams to grow the business to more than 650 staff across the group.
In a statement on Thursday, following CCPC approval of the deal, Select Tech said the addition of DID Electrical “expands the range of products both in-store and online for Irish tech consumers”.
“Additionally, it expands the product range for the enterprise and education market sectors that Select is well established in, further supporting Irish businesses and educational institutions,” the company said.
Select Tech reported total revenues of €58 million in the financial year to September 2022, with a profit before tax of €838,876.
Meanwhile, DID Electrical reported revenues of €99 million in the financial year to March 2022, with a loss before tax of €557,430.
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