BWX, the debt-heavy beauty company that collapsed into administration almost a year ago, has sold its high-profile Sukin brand, selling it to an entity controlled by its former chief executive, AFR has reported.
KPMG, BWX's receivers, said last week that PNB Consolidated, a vehicle run by John Humble, would buy Sukin and the company's Melbourne manufacturing facility, paying around $70 million for the assets.
The auction's final stage had Humble competing with pharma billionaire Dennis Bastas, AFR reported late last year.
Earlier in the process, private equity giant TPG Capital, via its iNova Pharmaceuticals business, had wanted to buy the assets.
During the sale process, Sukin was pitched as a leading brand founded in 2007 and now with a 90% distribution penetration and a spot in grocery and pharmacy aisles nationwide.
The manufacturing facility has a capacity of 70 million units across four lines that can handle bottles, jars and tubes.
Interested parties were told the facility was new, and $34 million had already been invested into the asset.
The sale of Sukin and the manufacturing plant leaves BWX's US operations, a marginal part of the business, which is still up for sale via KPMG.
While the auction played out, Commonwealth Bank has been waiting to recoup about $120m it had extended to BWX.
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