Zoë Foster Blake,who sold 50.1 per cent of her Go-To Skin Care business to BWX last year for $89 million,may be the only person to emerge unscathed from its recent turmoil.Credit:Kristoffer Paulsen
Tattarang will get a seat on the company’s board. But chief investment officer John Hartman would not be drawn on any further plans the fund has for BWX.
“BWX is a long-term investment for Tattarang and we’re proud to support a growing Australian company,that manufactures here in Australia,” he said.
Entrepreneur and author Foster Blakemade headlines last year when BWX - the company behind consumer skincare brands like Sukin - agreed to acquire 51.1 per cent of her business Go To for $89.9 million.
The deal included an option to sell the remainder of the business to BWX as early as September 2024. The value of the option is recorded in BWX’s accounts at $93 million,but the sale price depends on a valuation of the Go-To business at that time. BWX rose 16 per cent to close at 78¢ on Wednesday,giving it a market value of $143 million.
BWX chief executive Rory Gration told investors last week that Foster Blake’s option to sell the remaining 49.9 per cent of Go-To to BWX was one of the crucial reasons for the drastic restructuring plan.
“That’s a critical reason to get net debt down as soon as possible,” Gration said. “We can’t just ignore it and deal with it in two years time.”