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- Beauty and wellness company BWX (BWX) pays the final consideration for the acquisition of Go-To Skincare and now holds 50.1 per cent
- Founded in 2014 by Zoë Foster Blake, Go-To is an Australian skincare provider with a range of skincare products for the luxury market
- BWX first announced its intention to acquire a stake in Go-To in August, with the company claiming the acquisition represents a strategic and financially compelling opportunity
- The acquisition was funded by a $100 million capital raising, which consisted of an $85 million placement and $15 million share purchase plan
- BWX is up a slight 0.87 per cent on the market with shares trading at $4.65
Beauty and wellness company BWX (BWX) has paid the final consideration for the acquisition of Go-To Skincare and now holds 50.1 per cent.
On September 30, the company announced the successful completion of a 50.1 per cent interest in Go-To for $89 million.
Founded in 2014 by Zoë Foster Blake, Go-To is an Australian skincare provider with a range of skincare products for the luxury market.
BWX first announced its intention to acquire a stake in the brand in August 2021 with the company claiming the acquisition represents a strategic and financially compelling opportunity.
Additionally, Go-To was highly complementary to BWX’s existing brands and confirms BWX’s entry into the luxury market.
The acquisition was funded by a $100 million capital raising, which consisted of an $85 million placement and a $15 million share purchase plan.
Under the placement, 17.5 million shares were issued to institutional investors of $4.85 – an 8.7 per cent discount to BWX’s trading price of $5.31 on August 26.
The share purchase plan then allowed eligible shareholders to apply for up to $30,000 worth of new fully-paid ordinary shares without incurring any brokerage or transmission costs.
BWX CEO and Managing Director Dave Fenlon previously commented on the acquisition.
“This partnership will provide BWX with an opportunity to accelerate our international growth strategy, increase our sales via the direct-to-consumer channel, while also providing access to a potential new growth customer demographic and exposure to a premium brand which complements our existing portfolio,” Mr Fenlon said.
“We are particularly excited to work alongside Zoë and Go-To’s other founders in seeking to take the brand to more consumers globally while propelling the overall growth of the natural category.”
BWX was up a slight 0.87 per cent on the market, with shares trading at $4.65 at 10:59 am AEDT.
