Blackmores acquires nutritional supplements firm FIT-Bioceuticals03 July 2012
Australian natural health firm Blackmores has bought nutritional supplements company FIT-BioCeuticals in an AUS$40 million deal.
Christine Holgate, Blackmores’ chief executive said that the acquisition of Bioceuticals, which sells nutritional supplements direct to healthcare professionals, would diversify the company’s revenue streams.
“It is our intention to run BioCeuticals and its existing brands as a stand-alone business, utilising the resources and knowledge within both companies to improve our ability to service our customers,” said Holgate.
“The acquisition is a key part of Blackmores’ strategy and brings greater channel diversity to our business within the category we operate.
"The practitioner market is growing and profitable with qualified healthcare professionals having an important role in providing total health solutions and advice to consumers.”
Blackmores will pay AUS$38.4 million upfront for BioCeuticals with a further $AUS1.6 million payable soon after completion. Blackmores will acquire all of BioCeuticals’ shares free of debt.
BioCeuticals, whose brands include the IsoWhey weight management range, Bioceuticals complementary medicine and BioEngineered sports nutrition, will transfer its product portfolio to Blackmores. 100 Sydney-based staff will also become Blackmores employees.
In the year to June 2011m BioCeuticals delivered $38m in invoiced sales and earned $4.6m EBITDA.
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