The administrators of failed distributor Altech have sold the assets to Leader Computers for an undisclosed amount.
Leader will take on Altech’s entire customer list, operations, stock and branding following the company's fall into voluntary administration in December.
Only selected assets have been acquired – Altech's debt load, which could be upwards of $9 million, has not been taken on by Leader.
Leader is currently in negotiations to permanently take on Altech’s vendor list, with around 10 vendors joining so far.
Leader managing director Theo Kristoris said Altech will continue to operate as a standalone brand indefinitely and that Altech resellers will now have an account with Leader.
“The purpose of the acquisition is to help resellers grow and be profitable,” said Kristoris. “If customers can’t find what they need, they’ll also have an account with Leader.”
The acquisition will give Leader a footprint in Western Australia when it takes over Altech’s Perth operation on 18 January.
Around 12 staff will join Leader, though not Altech managing director Antony Sheen.
Altech directors appointed PPB Advisory administrators Andrew Scott and Daniel Walley on 3 December, citing cash flow problems.
The most recent documents lodged with corporate watchdog ASIC revealed the company had been struggling with financial difficulties for several years.
Headcount fell from 180 in June 2013 to 108 staff across Altech's five Australian warehouses on 30 June 2014.
Revenue fell by $26 million to $128 million in the 2014 financial year – the most recent numbers publicly available. Altech recorded a loss of $776,000 for 2014, following a $1.1 million loss the previous year.
Cash flow at the end of the 2014 financial year was down to $319,000.
Altech was also forced to shut down its Brisbane, Melbourne and Adelaide warehouses and relocate all of its operations to its two locations in Sydney and Perth.
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