HOLDING REDLICH has advised the Escor Group on its recent acquisition of The Perfume Connection retail chain.
The Escor Group bought the retail chain, which operates 58 stores throughout Australia and sells fragrances online, for an undisclosed sum. Holding Redlich says the acquisition further enhances Escor’s interests in the health and beauty sector.
Holding Redlich partner Michael Linehan acted for Escor in the acquisition. “Escor has been looking at various investment opportunities, including in the health and beauty space, and in that regard The Perfume Connection business is well-suited to my client’s longer-term strategic goals,” he said.
“Escor has had a long-term ambition to develop a significant stake in the health and beauty industry and this acquisition marks a further positive move in that direction.
Linehan said his client’s initial plans are to take advantage of the synergies and skills that already exist in each of the three businesses. “The longer-term focus will be on growth and a range of opportunities that exist in the health and beauty sector.”
Linehan said that it took several months for The Perfume Connection acquisition to reach the point where definitive agreements were signed because the vendors and the purchaser had some different goals that needed to be accommodated.
“Once the definitive agreements were executed, however, the various conditions to completion of the transaction were addressed very quickly and effectively with a high degree of goodwill from each side.”
Holding Redlich senior associate Laura Smyth assisted Linehan in the transaction.
In addition to The Perfume Connection, such interests include The Health and Beauty Club online business and pharmacy services company EPOH Health.