A year and a half after it announced it would sell, the split between Woolworths and Dick Smith is done and dusted with the electronics chain’s buyout complete.

Private equity firm Anchorage Capital Partners and Management, which bought Dick Smith from the corporation in September last year, has this month completed its purchase.

Dick Smith is now released from all financial obligations to its former owner, with the company now saying its time to focus on rebuilding its beleaguered store network.

“Based on Dick Smith’s performance over the last six months we are confident the business will continue to experience positive growth and performance,” said Nick Abboud, CEO of Dick Smith.

Woolworths bought the electronics chain off its entrepreneurial Australian namesake, Dick Smith, in two stages in the early 1980s when it was still at around 20 stores.

It rapidly expanded to more than 300 stores in 2010, but hit problems leading to a rebrand in 2008 and a mass store closure in 2012.

After making a $420 million provision on the Dick Smith chain in its 2012 financial year accounts, Woolworths sold the chain to the private equity group for just $20 million in cash.

Dick Smith was a profitable business with earnings of $22 million in the 2011 financial year and underlying earnings of $24.6 million in the 2012 financial year, before provisions on the closure of 74 stores.

Abboud, a surprise depature from Myer, was brought on board as CEO at the same time the private equity buyout was announced late last year.

“In the coming months we will be announcing a number of exciting initiatives that will see major changes to customers’ retail experience and an expansion of Dick Smith’s footprint throughout Australia and New Zealand,” says Abboud.