Danaher Moulton is pleased to have advised Handa Manufacturing Pty Ltd, the owner of Australian Professional Shopfitters Pty Ltd (APS), on the sale of APS to SHAPE Australia Corporation Limited, an ASX-listed construction and fit-out company.
APS is a retail shopfitting business specialising in the design, manufacture and delivery of shopfitting solutions for multi-site retailers across Australia. Operating from a manufacturing facility in Melbourne, it has built a strong reputation for delivering complex, high-quality retail fit-outs at scale and has longstanding relationships with some of Australia’s leading retail brands.
The acquisition complements SHAPE’s existing retail capability and provides an opportunity to extend APS’ manufacturing and delivery expertise across SHAPE’s broader national platform over time.
The family will retain an ongoing economic interest in the business through a scrip component of the consideration, and the management team will continue in their existing roles following completion.
The parties have entered into a binding sale agreement, with total consideration of up to $29.4 million, comprising upfront consideration of $20.4 million in cash and SHAPE scrip, plus contingent consideration of up to $9.0 million linked to business performance over a two-year period.
Completion remains subject to customary conditions precedent, including clearance under the ACCC merger control regime, and is currently anticipated to occur around 1 July 2026.
The Danaher Moulton team was led by Partner Steven Wambeek, with support from Senior Associate Elizabeth Gregory.
Commenting on the transaction, Steven Wambeek said:
“We were proud to support the Handa family through this transaction. APS is a high-quality business with strong customer relationships, genuine operational capability and a proven track record delivering for leading retail brands across Australia. This outcome reflects the strength of what APS has built over many years, and we look forward to seeing the business continue to thrive with the support of the broader SHAPE group.”
