01.05.12
PZ Cussons’ beauty unit has acquired the Fudge hair care brand from Australian-based Sabre Group in £25.5m cash deal that includes associated inventory.
Established in 1991, Fudge is a leading premium hair care brand that is sold predominantly through salon distribution in the UK, Australia and New Zealand. It is best known for its styling products including the popular Hair Shaper product.
The brand’s revenue for the year ended 30 June 2011 was £15.7m. Approximately 50% of Fudge sales are currently in the UK and Europe and 50% in Australia and New Zealand.
Fudge will join the portfolio of brands within PZ Cussons Beauty, which currently comprises St Tropez, Sanctuary and Charles Worthington.
“The acquisition of Fudge further strengthens our newly formed beauty division and broadens its category participation. The geographic and distribution footprint of Fudge is a perfect fit with the current brand portfolio and we see further opportunity to develop the brand’s international potential,” said Alex Kanellis, chief executive of PZ Cussons Plc.
Michelle Feeney, chief executive of PZ Cussons Beauty, added, “We are delighted to be acquiring such a young, vibrant brand and I am very excited about its prospects and untapped potential. Fudge is a natural fit for our portfolio as we continue to bring well-loved brands back to the forefront and make beauty accessible to all.”