POPULAR pharmacy beauty brand MCoBeauty is now 100% owned by DBG Health's Dennis Bastas, after the Australian billionaire purchased the remaining 50% of the company from founder Shelley Sullivan.
Bastas, who made his fortune in generic drugs, took a 50% stake in MCoBeauty in 2022 and will now take full control of the company in a deal that values it at $1 billion.
While the transaction amount has not been disclosed, people briefed on the deal say DBG paid at least $500 million, according to The Australian Financial Review.
Sullivan, who launched the brand in 2020, stepped down as CEO of MCoBeauty this week.
"DBG let us run the business the way I wanted to run it - fast-paced, entrepreneurial," said Sullivan.
"Eighteen months later, I'm ready to leave...I'm very proud of the brand I've built."
MCoBeauty, which replicates big-name cosmetic products and sells them at affordable prices, has grown to become Australia's top-selling beauty brand.
It will now become part of VidaCorp, the beauty arm of DBG Health, joining brands like Nude by Nature and Makeup Cartel, which were purchased by Bastas last year for around $60 million.
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