Winc goes on the auction block
Sales documents highlight $1 billion revenue
Investment firms Goldman Sachs and Gresham Partners have released preliminary sale documents to support Platinum Equity’s recently-announced auction of Winc Australia/New Zealand.
According to a report in the Australian Financial Review, prospective investors have been told Winc brought in nearly $1 billion revenue in 2024, “making it more than 2.5-times larger than the closest competitor dealer group Office Brands”, which is ranked ahead of Complete Office Supplies, which has "approximate" revenue of around $125 million (this is is well below the actual figure, according industry sources).
The sale documents also state:
- Winc made $57 million adjusted EBITDA and runs at a 38 per cent gross margin.
- Winc delivers about three million orders a year to 39,000 customers.
- Winc is being shopped with a six per cent EBIT margin for 2025, with the sale documents pitching it as more profitable than ASX-listed distributors like EBOS and Dicker Data (four per cent margin each, per consensus forecasts) and Metcash at three per cent.
A third of last year’s sales came from cleaning and hygiene supplies, followed by 27 per cent from stationery, 12 per cent from kitchen supplies, 10 per cent from paper products and six per cent from furniture.
The sell-side pitch stressed Winc’s “entrenched position” as the only “platform of scale” in Australia and New Zealand. It added there’s still significant whitespace in Winc’s $15 billion target addressable market – and that its product range, national supply chain and e-commerce platform give it an edge over rivals.
Date Published:
26 March 2025