Direct Capital Invests in Fishpond
Direct Capital today announced that it has purchased a minority shareholding in online retailer Fishpond Limited.
Fishpond is Australasia’s largest local online book retailer, offering over 2.3 million books, 213,000 CDs, 23,000 DVDs, and 2,100 video games. Fishpond was launched in January 2004 by Daniel Robertson, who rapidly grew the New Zealand business before the launch of the highly successful Australian website in 2005. The Company operates from a distribution centre in Auckland, has approximately 50 employees and services both the Australian and New Zealand markets from its fishpond.co.nz and fishpond.com.au websites.
Bill Kermode of Direct Capital, who joins the Fishpond Board of Directors as part of the investment, commented that “we were impressed by the calibre of Fishpond’s management team, who have successfully executed on a proven business model based on Fishpond’s unique competitive advantages of carrying the largest available selection of Australasian titles and offering 24 hour delivery on a large range of products. This has given Fishpond the ability to generate impressive and profitable growth since its first year.”
Daniel Robertson, Chief Executive Officer of Fishpond, commented “we’re excited to become a part of the Direct Capital family, and look forward to working with their team during the next phase of Fishpond’s growth.”
Online book sales in the Australasian market are experiencing robust growth and Fishpond continues to expand its range of categories, now offering gaming consoles and video games, music, and DVDs.
The investment was completed from Direct Capital III and Pohutukawa I private equity funds.