The business was developed by a former community leader and mayor, the late BIll Hunter, in tandem with a transport company.
It grew from offering a few bulk goods into a retail business that now has eight locations.
The publicly listed Queensland transport and rural merchandise company Lindsay Australia announced this week it had purchased the northern Victorian chain for $34.6 million.
Staff at the Shepparton store were told of the sale on Monday.
The purchase will allow Lindsay Rural to scoop up a diversified sales mix of key agricultural supplies and supporting services with a broad base of more than 10,000 commercial and retail customers.
Although the 100 per cent purchase ends the ownership by the Hunter family, WB Hunter director, and member of the family, Michael Moroney will be continuing as chief executive.
The Lindsay company intends to use the acquisition to expand into Victoria.
Acting Lindsay chief executive Craig Baker said he was delighted to welcome WB Hunter into the Lindsay network.
“WB Hunter has a long-standing and highly successful operating history, serving as an integral member of Australia’s rural supplies market,” he said.
“The acquisition expands Lindsay’s presence in key growth markets of Victoria and NSW and provides a strong platform for pursuing further growth opportunities across these regions.”
WB Hunter has stores in Echuca, Tatura, Euroa, Katandra, Yarrawonga, Corowa, Wangaratta and Shepparton.
Lindsay has advised the stock market it expects to achieve earnings for the 2023 financial year of between $85 million and $90 million.
The financing of the acquisition will comprise of an upfront cash component, a scrip component of $7.2 million and a deferred cash payment for the inventory assets of about $14.5 million.
All cash components of the transaction will be funded through Lindsay’s existing cash holdings.
Lindsay Australia recorded revenue of $337 million for the first half of the last financial year.
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