Ngahuia
New Zealand's leading footwear retail group
Snapshot
Type of Investment
Turnaround
Industry
Retail
Initial Investment
October 2017
Fund
Allegro Fund III
Investment Status
Exited
In October 2017, Allegro partnered with an MBO team to acquire Ngahuia from ASX-listed Bapcor, who sold the business as a non-core asset.
Despite its two brands, Hannah's and Number One Shoes, operating in the same market, they had separate and competing operations. Under Allegro's ownership, the business underwent a significant transformation, integrating the two brands into a single entity with one unified team, infrastructure, and system. This transformation also involved an aggressive customer and digital-led strategy, which included shrinking the physical footprint, lowering operating costs, and investing in data capabilities to boost digital marketing and online sales. These changes increased profitability and laid the groundwork for future growth, leading to Allegro's successful sale of Ngahuia to Tahua Partners in February 2021.