ASX-listed smart locker company TZ Limited has entered an agreement with CouriersPlease to acquire its Australia-based POP Station locker bank network.

The deal will give TZ control of 34 already-installed click-and-collect locker banks in strategic locations around the country, as well as a further 19 locker banks currently in storage.

Both companies have signed a term sheet already, and are expected to sign a binding asset sale agreement within the coming weeks.

The full transaction is expected to be completed by June 30.

TZ chief executive Scott Beeton said the POP Station locker banks are “highly complementary” to the business, and will help the company progress its own growth strategy.

“Our aim is to simply improve the online shopping experience for Australians whilst assisting Australian retailers to develop their online capabilities,” he said.

“This acquisition gives us a great starting point to execute on our strategy to have one of the largest agnostic click-and-collect solutions in Australia. This is a great market opportunity for us.”

 

TZ looks to unlock locker potential

The agreement marks the latest in a series of wins for Beeton, who joined the company at the beginning of 2020.

Since his appointment, Beeton has cut fixed operating costs by $2.5 million, led a headcount reduction, and successfully delivered the company its first cash-flow positive result with $0.2 million EBITDA in FY21.

The company also reported an 8% increase in first half revenue.

Beeton will hold an investor briefing tomorrow, regarding TZ’s recent activities. To register and tune, sign up here at https://tz.investorportal.com.au/webcast/.

The webcast begins at 11am AEST.

This article was developed in collaboration with TZ Limited, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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