Trilogy Acquires CS, New Zealand Beauty Distributor

Trilogy International has acquired CS Company Limited, the largest independent New Zealand importer and distributor of fragrances, cosmetics and toiletries. The deal was worth $37 million, plus any earn out payments.

CS represents luxury fragrance brands including Marc Jacobs, Calvin Klein, Dolce & Gabbana and Gucci, and cosmetics and beauty brands including Max Factor, Natio and OPI.

CS has a staff of 56 and is forecast to achieve revenue of $41 million and EBITDA earnings of $6.4 million for the full year ended 31 March 2016.

CS will operate as a stand-alone entity and existing management will report to a subcommittee of the Trilogy Board led by Stephen Sinclair. Current CS owners CEO Ken Millar, COO/CFO Ray Guilford and senior executive Dianne Reynolds will remain in the business.

Trilogy CEO Angela Buglass will maintain responsibility for the Trilogy, Ecoya and Goodness Brands, independent of the CS Distribution business.

The existing Trilogy Group business recently reported net profit growth of 300%, totaling $3.5 million on forecast revenue of $23 million for the six months to September 2015.


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