Blackmores getting FITter
July 2, 2012
BLACKMORES has this morning
announced the 100% acquisition of
FIT-BioCeuticals Limited, which it
described as “an established
Australian leader in the
Practitioner-Only supplements
market”.
The deal is worth up to $40 million
in cash, with Blackmores funding
the purchase via debt from
additional banking facilities.
An initial $38.4 million will be
payable on completion, with a
further $1.6 million based on FY12
earnings.
Blackmores ceo Chirstine Holgate
said BioCeuticals had earned strong
credibility in the Practitioner
channel “where they lead the
market and are renowned for their
quality, highly efficacious products.
“The combination of Blackmores
and BioCeuticals gives us a
powerhouse of over 100 qualified
healthcare professionals in the
Blackmores Group, including
naturopaths.
“It gives us greater depth of
expertise and affirms our position
as the clear market leader in
natural health and the largest
natural health company in
Australia,” Holgate added.
She said that Blackmores intends
to run BioCeuticals and its existing
brands as a standalone business,
with the new product range, brand
and strategy complementary (no
pun intended) to Blackmores.
“The acquisition is a key part of
Blackmores’ strategy and brings
greater channel diversity to our
business...the practitioner market is
growing and profitable, with
qualified healthcare professionals
having an important role in
providing total health solutions and
advice to consumers,” Holgate said.
BioCeuticals was founded in 1993
by Michael Hall and his sons, and
distributes its range of nutritional
supplements to pharmacists,
natural health professionals and
health food stores primarily in
Australia and New Zealand.
Key brands involved in the deal
include IsoWhey and BioCeuticals,
with a number of smaller brands
including a biotechnology and
research arm.
The BioCeuticals business, which
employs over 100 people, will
continue to operate from its
current offices in Alexandria,
Sydney.
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