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Hong Kong Business Acquires Lornamead
Posted: January 18, 2013
Hong Kong-based Li & Fung Limited, a multinational consumer goods sourcing, distribution, and logistics group, announced it has acquired U.K.-based Lornamead Acquisitions Limited and its subsidiaries. Lornamead owns and manages a portfolio of traditional and heritage U.S., German and U.K. personal care and beauty brands, such as Finesse, CD, Aqua Net, Yardley and Lypsyl, across hair, body, skin and oral care product categories. It has operating platforms in the U.S., Germany and U.K. and sells more than 20 brands in over 60 countries to a variety of large retailers, including CVS and Walgreens in the U.S., Rossmann and DM in Germany, and Boots, Tesco and Sainsbury in the U.K.
Lornamead generated net sales of approximately $155 million in its financial year ended March 31, 2012. Total purchase consideration for this acquisition was approximately $190 million. This transaction is expected to further strengthen Li & Fung Limited’s growing businesses globally in health, beauty and cosmetics.
Bruce Rockowitz, group president and CEO of Li & Fung Limited, said, “The acquisition of Lornamead will further expand our market share in the beauty business on a global basis. This is a very strong platform and will allow us to deepen our relationships with major retailers across all key markets and provide enormous cross-selling opportunities among our existing business networks. In addition, as we see increasing opportunities in the beauty business across Asia, this transaction will add a strong growth driver for LF Asia in the beauty and cosmetics arena.”