TYDI
Buy an under-marketed brand.
Switch the demand on.
An NZ refurbished-electronics business with proven demand, lean economics, and a Dyson supply line — acquired at 0.81× earnings, then scaled by a professional digital-marketing operator.
02
The thesis in one line
This isn't a refurb-electronics business. It's proven demand that has never been marketed on the high-intent channels.
TYDI turns over ~$794k a year and throws off ~$175k in owner earnings — yet despite ~$23–30k/yr on Trade Me promos + social it spends $0 on Google (Search/Shopping), its website is invisible in search, and its customer database sits idle. It is being sold at 0.81× earnings because the vendors are exiting on health grounds. The asset is sound; the play is to professionalise the existing spend and switch on the cold high-intent channels.
$794k
Annual revenue (FY26 annualised)
0.81×
Asking goodwill ÷ earnings — vs 2–3× market
$0
On Google — the highest-intent channel (yet ~$23–30k/yr on Trade Me promos + social)
The downside is asset-backed — the purchase is largely covered by saleable inventory. The upside is a demand-side growth playbook that is squarely the acquirer's home turf.
03
The business today
A lean, profitable, single-operator online retailer
TYDI sources discounted, box-damaged, end-of-line and factory-refurbished consumer electronics — refurbished Dyson vacuums (V6–V15) under a supply contract, plus laptops, tablets, phones, audio, cameras and smart home — and resells them through tydi.co.nz and an established Trade Me store.
- Home-based, no commercial lease, zero employees — contractors for technical refurb
- 1,488 live product listings; national NZ delivery
- Revenue held flat-to-up in FY26 with $0 on Google/search all year (spend ran on Trade Me promos + social)
- Sold on a going-concern basis: brand, website, Trade Me store, supplier contracts, customer database, IP
| Normalised | FY24 | FY25 | FY26A |
|---|
| Revenue | $684k | $779k | $794k |
| Gross margin | 52% | 50% | 46% |
| Owner earnings (SDE) | $138k | $196k | $185k |
3-yr average SDE ~$173k. Figures are vendor-supplied and conditional on verification in due diligence — the model below is built on conservative, post-manager earnings.
04
Market & tailwinds
A growing market, in its largest category, riding a global shift to refurbished
NZ$5.9B
NZ e-commerce, 2026 — growing 8.9%/yr to 2031
~10%
CAGR of the global refurbished-electronics market (≈doubling by early 2030s)
17.7%
Consumer electronics = NZ e-commerce's largest category by share
59% vs 8%
Kiwis rank price over sustainability as buying driver — refurb wins on value
↑Demand is being validated by the big players
- One NZ launched the country's first telco refurbished-phone programme in 2026
- Dyson itself runs an official NZ "Renewed" refurbished line — proof the category and the brand resell
♺A circular-economy story with teeth
- NZ produces ~80,000t e-waste/yr, recycling only ~2,000t
- The only OECD country with no regulated national e-waste scheme — refurb is part of the answer
05
Competitive position
An uncontested wedge in the NZ market
No competitor combines all four of TYDI's attributes. The strongest refurb brand is foreign; the trusted incumbents are narrow.
| Competitor | Gap |
|---|
| Reebelo (refurb marketplace) | Foreign-owned, 100+ 3rd-party vendors, thin local presence |
| Back Market | Does not operate in NZ at all |
| PB Tech / Noel Leeming | Computer/clearance-narrow; retail overhead |
| Dyson Renewed (official) | Recent models only, final-sale, no returns |
TYDI's defensible wedge
- NZ-owned & operated — trust the marketplaces can't claim
- Broad multi-category range — vs phone/computer-only specialists
- Dyson supply contract V6–V15 — breadth + older models + returnable terms the official channel won't offer
- Dual-channel own-site + Trade Me distribution
Adjacent open ground: the Dyson parts & accessories aftermarket is fragmented across tiny players — a high-margin attach line TYDI can own off the back of its supply relationship and customer base.
06
Why it's mispriced
The demand is already pointed at TYDI. The website just can't capture it.
2.2
Domain Rating / 100 — near-zero search authority
17
Organic visits per month from Google
37
Total ranking keywords — only 1 in the top 3
$0
Google paid traffic — zero presence on search ads
TYDI already ranks for the exact products it stocks — but on page 3–4, where nobody clicks. It is sitting on ~8,000 searches a month it cannot convert:
| High-intent search term | Monthly searches | TYDI's current rank |
|---|
| dyson v8 | 2,600 | #27 |
| lenovo ideapad | 900 | #30 |
| refurbished laptops | 800 | #32 |
| dyson vacuum v8 / v11 nz / v8 animal | 1,700 | #33–39 |
07
The growth playbook
Five demand-side levers — none of which have been pulled
1Fix & expand paid
~$23–30k/yr already runs on Trade Me promos + social — unmanaged and entirely off Google. Professionalise it and switch on Google Shopping + Search + Meta with proper tracking. Incremental revenue from the highest-intent channel, currently at zero.
2Expand to new marketplaces
Add Google Shopping, eBay AU, Reebelo NZ, Mighty Ape & Facebook Marketplace — multiplying reach beyond the current own-site + Trade Me footprint.
3Capture existing search demand
Fix the SEO foundation and move the ~8,000 monthly searches TYDI already ranks for from page 3 to page 1. Compounding, near-zero marginal cost.
4Reactivate the customer database
Email/SMS the existing buyer list; cross-sell parts & accessories (esp. Dyson) and repeat purchases — high-margin revenue from an asset already owned.
5Segment by purchase behaviour
Use what customers have already bought to drive targeted offers, lift average order value and repeat rate, and feed lookalike audiences back into paid. The database becomes a growth engine, not a static list.
Channel expansion roadmap
A prioritised, NZ-verified 18-month channel plan
Month 1
Google Shopping + Free ListingsZero commission, highest purchase intent, amplifies the existing site. Refurb feed rules are strict but mechanical. Highest leverage, lowest cost.
Month 1–3
eBay AustraliaOpens the entire AU buyer pool — the largest AU/NZ market for refurbished electronics. TYDI's Trade Me experience transfers 1:1. ~13–15% fees, price accordingly.
Month 2–4
Reebelo NZThe single best category fit — the one platform that already sells refurbished Dyson. Passing its vetting gate is itself a credibility asset.
Month 3–6
Mighty Ape MarketplaceReal NZ audience, ~9% commission (below Trade Me), refurb already a validated category.
Anytime
Facebook Marketplace~$0 cost, huge reach; best as a clearance/volume outlet for bulky local-pickup items (Dysons).
Deliberately excluded (NZ reality-checked): TikTok Shop & Instagram Shopping aren't open to NZ sellers; TheMarket, 1-day & Catch have closed. Amazon AU & Kogan are gated phase-2 options. TikTok Shop is a 2027 watch-item.
09
Growth optionality
Own the niche the big-box can't: focused brand specialists
Beyond the core store, spin up tightly-focused single-brand sites — Dyson first, Apple next — off TYDI's shared back-end. The shopper searching "refurbished Dyson NZ" wants a trusted specialist, not a faceless generalist — white space no NZ-owned business owns.
Page 1
A Dyson-only site outranks the generalist stuck at #27 for "dyson v8"
↑ CR
Focus signals expertise — higher conversion + parts attach
Shared
One back-end, many storefronts — low marginal cost per brand
Compliant
Allowed in NZ/AU — on own-brand domains
▶Replicable model
Dyson is the beachhead (supply-contract + parts moat); Apple follows (~3,200 "refurbished iphone" searches/mo); then Samsung, Bose — each a focused, individually-saleable asset on shared infrastructure.
⚖The one rule
Bid on "dyson v8 / refurbished iphone", say "Refurbished Dyson" in ads, list on Shopping — but the brand can't be in your name or domain. Own-brand site, brand as SEO focus. Full compliance →
10
The numbers
Base today → a $1.8M, $360k-EBITDA business in three years
RevenueEBITDA (owner-independent)
| NZD | Y1 | Y2 | Y3 |
|---|
| Revenue | $1.05M | $1.40M | $1.85M |
| Growth | +32% | +33% | +32% |
| Gross profit (~45%) | $473k | $630k | $833k |
| Marketing invest. | $95k | $140k | $175k |
| EBITDA | $150k | $250k | $360k |
Conservative case: slower ramp / more margin pressure still reaches ~$1.25M revenue & ~$200k EBITDA by Y3.
11
Why this operator
The risk is supply-side. The growth is demand-side. The operator is built for the growth.
Most buyers of this business would inherit its weakness — the high-intent channels were never switched on, and they couldn't do it either. The acquirer here is a professional digital-marketing operator whose day job is the exact growth playbook above:
- Paid search & shopping — manages live ad accounts and conversion tracking infrastructure for clients
- SEO & content — the discipline that turns page-3 rankings into page-1 traffic
- CRM, email/SMS & segmentation — reactivating and monetising customer databases
- Marketplace & e-commerce ops — multi-channel listing and feed management
How the known risks are handled
✓Earnings unproven? Acquisition structured with a vendor earnout tied to verified post-sale SDE.
✓Supplier contract? Purchase conditional on written confirmation the Dyson supply line transfers.
✓Owner know-how walks? Negotiated transition period + restraint of trade; the demand engine is the new operator's, not the vendor's.
✓Stock quality? Independent valuation, aged lines excluded/consigned.
12
Deal structure & the ask
~$525k to acquire and ignite
Use of funds
| Business / goodwill | $150k |
| Stock at independent valuation | ~$275k |
| Growth capital — ads, channel inventory, part-time ops | ~$100k |
| Total raise | ~$525k |
Asset-backed: ~$275k of the outlay is saleable inventory, so net capital genuinely at risk is materially lower than the headline.
Proposed structure
- A portion of goodwill as a vendor earnout tied to verified earnings — de-risks the entry
- Operator capital + sweat equity from the acquirer
- External investor / facility for the balance + growth capital
- All staged behind a conditional offer (earnings verified, supplier contract transferred, stock independently valued)
To confirm: total raise, equity-vs-debt split and investor stake are the levers to set with you — figures above are the recommended starting frame.
13
The return
Buy small earnings cheap. Sell larger earnings dear.
~$425k
All-in entry (goodwill + stock) on ~$175k SDE today
~$1.2M+
Indicative exit value: ~$360k EBITDA × 3.5× in Year 3
~2.5–3×
Indicative enter-to-exit MOIC, before interim cashflow
Two compounding forces. Earnings grow (demand-side levers), and the multiple expands — an owner-operator shop at <1× sells very differently from a $360k-EBITDA, multi-channel, systematised brand at 3–4×. You capture both, on a base whose downside is covered by realisable stock.
14
Risks & mitigants
What could go wrong — and how it's contained
| Risk | Mitigant |
|---|
| Vendor SDE overstated (expense presentation inconsistent across years) | Conditional offer; reconcile to tax/GST/bank records; earnout on the balance |
| Dyson / exclusive supply contracts don't transfer | Written assignment a condition of settlement; reprice to asset value if not |
| Owner-dependent sourcing & refurb know-how | Transition period + restraint; document SOPs; demand engine is operator-supplied |
| Inventory aged / obsolete (refurb electronics depreciate fast) | Independent stock-take; exclude/discount dead stock; consignment on slow lines |
| Marketplace fees / brand-gating compress margin | Channel-by-channel margin model; lead with zero-fee Google Shopping & own site |
| Single-category concentration (Dyson) | Category diversification is an explicit growth lever, not just a risk |
Every red flag from the due-diligence review is carried into the deal structure as a condition or an earnout — the plan is built on the verified-downside, not the brochure.
TYDI
The asset is sound.
The marketing is the opportunity.
Next: confirm the raise & structure → submit the conditional offer & DD request → verify earnings, supplier transfer & stock → settle and switch the demand on.