Winning Group set to be sold to private equity company Ellerston Capital

Robert Stockdill

19th Feb 2026

After more than a century under family ownership, Winning Group is set to be acquired by private equity company Ellerston Capital, the Australian Financial Review has reported today. 

The deal, as yet unconfirmed, is set to be signed as early as this week. 

However, in a statement sent to suppliers this morning, Winning Group described the AFR report as “untrue” but confirmed it was in talks with equity capital investors.

“As part of our normal course of business, we periodically consider strategic capital partnerships that support our long-term growth and strengthen the business.”

Winning is headed up by John Winning Jr, pictured above, the fourth generation of the family, who assumed control in 2011. The Winning family had an estimated worth of $770 million last year, according to the AFR’s Rich List.

Ellerston Capital manages funds on behalf of the Packer family. 

Winning Group operates a network of around 20 stores, trading under Winning Appliances, online concept Andoo, Home Clearance, and the fast-growing Appliances Online business, launched in 2005, which last month reached a new milestone of 3 million customers. 

The company launched into New Zealand in 2021, opening a 6000sqm distribution centre in Waitemata Port.

According to statutory data, Winning Group achieved sales of $885.5 million last year and posted a pre-tax profit of $5.8 million.

Internet Retailing has reached out to Winning Group for comment.