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Blackmores sells Global Therapeutics for $27m
Blackmores has sold Global Therapeutics to health, wellness and beauty supplier McPherson's.
Reporter
Firm: Johnson Winter & Slattery (Blackmores); Thomson Geer (McPherson's).
The transaction is due to complete at the end of November 2020.
Value: $27 million and $36.55m raised by placement.
Area: Corporate, M&A.
Key players: The JWS team was led by partner Jeremy Davis, who was supported by partners Ravi de Fonseka and Prashanth Kainthaje, senior associate Isabella Bosworth and associates Will Mason and Rebecca Proudman.
The Thomson Geer team comprised of partners David Zwi and Josh Simons, senior associates Nicola Moldrich and Nicole Bradshaw and trademarks attorney Sharon Bandick.
Deal significance: The acquisition is aligned, Thomson Geer noted, with McPherson's strategic priority of expanding its health, wellness and beauty portfolio.
Under the deal, JWS said, McPherson will acquire Blackmore’s Fusion Health and Oriental Botanical brands, “which has a product range that draws upon traditional Chinese medicine in combination with contemporary herbal treatments”.
Mr Davis said that the firm was “delighted” to have supported Blackmores on this strategic divestment.
“The sale of Global Therapeutics closely follows Blackmore’s announcement that it would be divesting in all non-core brands in its portfolio,” he said in a statement. “This transaction will enable Blackmores to focus on its core business, while at the same time giving Global Therapeutics the opportunity to grow under McPherson.”
Mr Zwi added that it “was a pleasure to assist our long-term client McPherson's on this strategic acquisition”.
McPherson's managing director and CEO Laurence McAllister said: “Building on McPherson's 160-year rich history and our strategic focus on Health, Wellness and Beauty categories, has recently seen us establish a new Health and Wellness Division within McPherson's.”
“Acquiring Global Therapeutics embeds a strong vitamins and dietary supplements business in that Division with recognised brands, a go to market capability and a strong product innovation pipeline.”
