PwC reveals adviser role in St Tropez deal
PricewaterhouseCoopers’ (PwC) Midlands office has revealed it was the adviser behind the £62.5m sale of Nottinghamshire-based tanning specialist St Tropez Holdings.
Consumer products company PZ Cussons, based in Manchester, acquired the tanning business last month.
John Bourdeaux, partner at PwC in the Midlands, said: “Backed by a strong management team since 2007, Nottinghamshire-based St Tropez has gone from strength to strength. Its sale will allow the well-known brand to be developed further and introduced to markets around the world.
“In securing the deal, PwC’s retail and consumer team delivered financial and operational due diligence services.”
On 31 July 2010, St Tropez Holdings had gross assets of £48.1m, including £42.1m of goodwill. The business was acquired on a cash and debt free basis from cash and existing facilities. PZ Cussons said that it expects the subsidiary to be earnings enhancing in the current financial year.
