Grocery wholesaler Metcash has paid $46.5 million to take complete ownership of hardware chain Mitre 10.

Metcash has held a 50.1 per cent stake in Mitre 10 for more than two years, and in June said it would take full control of the chain if Mitre 10's financial performance in the year to June 30 met expectations.

Today, Metcash said it had acquired the remaining 49.9 per cent stake in Mitre 10, which includes more than 400 Mitre 10 and True Value stores, plus distribution to another 400 non-branded independent hardware stories.