Woolworths-owned hardware group Danks has acquired two hardware businesses – Magnet Mart and Flatman’s Timber & Hardware.

Magnet Mart, which has five stores in NSW/ACT and Flatman’s Timber & Hardware with two stores in Victoria will join Dank’s growing portfolio of company-owned stores including Gunns and Becks stores in Tasmania that were acquired in May 2010.

According to Graeme Danks, Danks managing director, the acquisition has been made possible since its partnership with Woolworths and Lowes.

“We launched our corporate strategy in 2008 with the purchase of the Blue Mountains Hardware store in NSW, and in the last 12 months alone, since partnering with Woolworths and Lowes, have completed a number of acquisitions to add value to our core wholesale business and support retail growth in the independent hardware sector,” he said.

Danks said it will retain all employees, including support staff and management.