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BWX nabs majority share in Zoë Foster Blake’s skincare company
Maddocks and MinterEllison have advised on a recent deal that sees wellness group BWX acquire a 50.1 per cent stake in Go-To Skincare, the brainchild company of Zoë Foster Blake.
Emma Musgrave
Firms: Maddocks (Zoë Foster Blake and the co-founders of Go-To Skincare); MinterEllison (BWX).
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Deal: Zoë Foster Blake and the co-founders have sold 50.1 per cent of the Go-To Skincare business to BWX.
Value: $89 million.
Area: M&A.
Key players: The Maddocks team advising from the Go-To Skincare side was led by partner Greg Hipwell, consultant lawyer James Hains, senior associate Mira Martin and lawyer Olivia Smedley.
The MinterEllison team advising BWX was led by partner Nick Broome, with assistance from partner Sudharshan Senathirajah who advised on the capital raising element of the deal. The duo were supported by senior associate Stephen Clarke, associate Alexander Persano, and lawyers Philippa Symon, Arman Saffar, China Waters and Hanh Vi Nguyen.
Deal significance: Go-To is an Australian skincare provider founded by beauty editor and author Zoë Foster Blake in 2014. Meanwhile, BWX is a beauty and wellness company listed on the ASX.
According to a statement from MinterEllison, the transaction between the two companies was undertaken by way of share acquisition, with each of Go-To Skincare’s four founding shareholders selling down part of their existing interests to BWX.
The acquisition will see Go-To Skincare remain an “independently operated, standalone, founder-led brand, leveraging BWX’s expertise and capabilities in certain areas,” the statement explained, with Maddocks confirming Ms Blake, who operates as Go-To Skincare’s chief creative officer, and chief executive Brad Dransfield will continue to lead the group.
“We are really proud to have assisted Zoë and her co-founders on this significant deal,” Maddocks’ MrHipwell said.
“It is immensely rewarding to work closely with exciting and original entrepreneurs as they achieve major milestones in their growth and development.”
MinterEllison’s Mr Broome and Mr Senathirajah also offered their thoughts on the transaction.
“We have worked with BWX since it was a start up. We're delighted to support BWX on this important acquisition, which expands its presence in the wellness industry,” Mr Broome said.
“It was a complicated transaction, bringing together our team across multiple disciplines – and we’re pleased to help BWX achieve such a great outcome and a positive partnership with Go-To,” Mr Senathirajah added.
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