Australian PC hardware reseller Mwave has received a boost to its growth plans through an investment from private equity firm Anacacia.
The amount was not disclosed but follows a previous investment from Right Click Capital which remains an investor alongside Mwave management.
Mwave was founded in 2006 by Victor Lee and has grown to post annual sales of $150 million. The company targets the PC enthusiast, gaming and esports markets. In addition, the company serves the SMB sector with hardware and software.
Anacacia will now be the majority shareholder with Lee, management and Right Click Capital retaining material stakes.
“We are thrilled to welcome Anacacia Capital onto the share register alongside us,” Lee said in a statement. “The Anacacia team demonstrated a clear willingness to understand the unique characteristics of our business model and our industry.”
“We are excited about this next chapter with Anacacia, and I believe Mwave will continue to go from strength to strength.”
The new investment also sees Gary Levin join the company as chair.
“Mwave has a proven track record in the enthusiast gaming and computer industry,” Levin said.
“I see a huge opportunity for them to leverage their unique market position to grow their product range and market share on the back of a solid foundation in the fast-growing home entertainment sector, particularly in the online market. I am really excited to be working with the Mwave team, Right Click Capital and Anacacia.”
Anacacia boss Jeremy Samuel said the Mwave management team and Right Click Capital had done a great job building the business over the last few years and establishing Mwave as a leading brand in their segment. “
We look forward to working with them as non-executives to continue supporting their customers.”