Mumbai-based FMCG company Marico has announced the acquisition of the leading South African hair styling brand Isoplus for about 36 crore INR ($5.6 million).
The deal, which includes Isoplus’ manufacturing facilities, working capital and intellectual property rights, was made between the previous owners JM Products and Mary L Harris and Marico’s subsidiary Marico South Africa.
The Isoplus brand is claimed to be the market leader in South African’s styling segment through products such as Parachute hair oil.
Isoplus hair care products will join Marico’s existing portfolio of aftercare maintenance, chemical treatments and hair colour brands and will make the firm a full spectrum ethnic hair care company in South Africa, Marico said.
Marico MD and CEO Saugata Gupta said: “This bolt-on acquisition plugs a critical gap in Marico’s portfolio in the ethnic hair care space in South Africa. Isoplus has a strong consumer franchise and I am confident that the team will leverage its strengths and expertise to further grow the business”.
The transaction is expected to be concluded by November 2017.
Source: India Retailing / VCCircle