Shining deal for St Tropez
St Tropez Holdings, based in Chilwell, has been bought by consumer products group PZ Cussons from UK private equity group LDC for £62.5m in cash.
St Tropez is described as the "the UK's leading sunless tanning product range" and produces tanning lotions, mousses and sprays. Its 30 products are sold in the UK with markets developing in Australia and the USA.
Revenue and earnings, before tax and other costs for the year ended 31 July 2010, were £20.7m and £7.4m respectively. As at 31 July 2010, St Tropez Holdings Limited had gross assets of £48.1m, including £42.1m of goodwill.
PZ Cussons, based in Manchester, said the business is being acquired on a cash and debt free basis from cash and existing facilities, and is expected to be "earnings enhancing" in the current financial year.
Alex Kanellis, chief executive of PZ Cussons, said: "The acquisition of the St Tropez brand represents an excellent strategic opportunity for PZ Cussons and further strengthens our portfolio of 'masstige' brands which includes The Sanctuary and Charles Worthington. We see good growth opportunities, both in the UK and overseas, particularly by linking the strategy to that of The Sanctuary spa brand."
