Australian listed smart locker company TZ Limited has entered an agreement with CouriersPlease to acquire the latter’s 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 signng a binding asset sale agreement within the coming weeks.

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

Commenting on the agreement, TZ chief executive Scott Beeton said the POP Station locker banks are “highly complementary” to his 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.”

More specific details around the terms of the transaction remain confidential.

TZ looks to unlock locker potential

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

Since his appointment, Mr 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.

Tomorrow at 11am (AEST) we’re hosting a special investor briefing with CEO Scott Beeton from TZ Limited (ASX:TZL). Scott will be discussing how the company is a benefactor of the huge ecommerce growth propelled by COVID, and how their focus on growing hardware and software sales is unlocking TZ’s recurring revenue potential. Click here to attend.

Sources:

• ASX announcement – 6 April 2021
• ASX Announcement – 26 February 2021

Reach Markets have been engaged by TZL to help manage their investor communications.