BWX receivers appoint Greenhill for Sukin sale

BWX receivers appoint Greenhill for Sukin sale

The receivers of collapsed cosmetics group BWX (ASX: BWX) have today appointed advisory firm Greenhill to manage the sale of the company’s Australian arm, which includes natural skincare brand Sukin and its new manufacturing facility in Clayton.

The news comes almost three weeks after receivers KPMG called in Grant Samuel to lead the sale process for BWX’s 50.1 per cent stake in Zoe Foster Blake’s skincare brand Go-To, which is not in administration or receivership as it is managed outside of the collapsed entity.

The appointment of Greenhill follows extensive enquires from a range of local and international parties and comes after KPMG took over day-to-day control of BWX in early April.

“Thanks to the support of BWX team members, customers, and suppliers, we have made significant headway in normalising operations,” KPMG Australia restructuring services partner David Hardy said.

“We can now focus on finding a new home for BWX’s much loved products and brands. We expect significant interest given the strength and popularity of the Sukin brand.”

Meanwhile, KPMG’s US office will lead the sale of BWX’s US business which is comprised of brands Mineral Fusion and Andalou.

At the time BWX collapsed, it boasted more than 100 employees and managed the manufacturing, distribution and marketing of the aforementioned beauty brands, as well as Sukin.

“The sale of both the BWX US operations and the shareholding in Go-To have commenced with strong interest shown,” Hardy added.

The update from receivers comes a month after BWX subsidiaries Flora & Fauna and Nourished Life were acquired by the former’s founder Julie Mathers alongside New Zealand-based online retailer HealthPost.

While the terms of the deal were not disclosed due to confidentiality agreements between the parties, the cross-border partners have established a new NZ-based company, The Future Collective, to own the two brands.

Included in the deal is IP, goodwill, websites, data and stock across both Flora & Fauna and Nourished Life, the latter having been originally founded by Irene Falcone who sold the business in 2017 before setting up non-alcoholic beer, wine and spirits superstore Sans Drinks. 

BWX initially fell into voluntary administration on 4 April, citing a ‘range of issues’ as the impetus for the collapse of the company including “customer destocking and inventory and working capital issues necessitating the director’s decision to appoint administrators”.

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