Consumer products group PZ Cussons has acquired St Tropez Holdings for £62.5 million.
Consumer products group PZ Cussons has acquired St Tropez Holdings from the private equity group LDC for £62.5 million.
Nottingham-based St Tropez produces sunless tanning lotions and sprays. Over 80 per cent of the company’s sales are within the UK where it distributes through retailers including Boots and Superdrug.
In the year to July 2010 St Tropez made a net profit of £7.4 million on a turnover of £20.7 million and had gross assets of £48.1 million.
Alex Kanellis, chief executive of PZ Cussons, says: ‘We see good growth opportunities, both in the UK and overseas, particularly by linking the strategy to that of The Sanctuary spa brand. Following this acquisition our balance sheet remains strong giving us flexibility for further investment opportunities as they arise.’
Manchester-based PZ Cussons produces the Imperial Leather soaps and personal hygiene range and operated in Europe, Asia and Africa.
Lloyds private equity branch LDC acquired a majority stake in St. Tropez in 2006. The deal is LDC’s fourth exit of 2010 following the trade sales of VSG and Kylmar and the secondary buy-out of Card Factory earlier in the year.