Skincare brand Sukin has been acquired by PNB Consolidated, a company headed by former BWX Group CEO John Humble.
Greenhill launched a comprehensive sales process for the assets, which include BWX Group’s manufacturing facility in Victoria.
PNB Consolidated is believed to have paid $70 million for the assets, The Australian reported. Sought for confirmation, a KPMG representative said he “cannot disclose the actual value but yes, that figure is in the ballpark.”
BWX collapsed and entered voluntary administration in April last year, with KPMG Australia subsequently appointed receiver.
Meanwhile, KPMG Australia’s restructuring services partner David Hardy said that PNB Consolidated will provide the ideal platform for Sukin to thrive moving forward.
“We are delighted to announce the sale of the Sukin brand. Importantly, we have been able to reach an outcome that keeps both this wonderful brand and high-end manufacturing operations together,” said Hardy.
“PNB Consolidated brings a strong pedigree in the manufacturing and distribution of health and wellness brands.”
Greenhill and Norton Rose Fulbright served as advisers of KPMG for the sale of Sukin.
