Renowned personal care brand Sukin has found a new home under the ownership of a company led by its former CEO, John Humble.
This acquisition comes in the aftermath of the collapse of BWX, the Australian Securities Exchange (ASX)-listed parent company of Sukin, which was deemed the largest sell-off in the country’s cosmetics sector last May.
Following the financial woes that led BWX into administration in April 2023, Sukin and other brands under the BWX umbrella were put up for sale by the company’s receivers, KPMG, which received advisory support from Greenhill and Norton Rose Fulbright.
In a statement, KPMG confirmed that PNB Consolidated, predominantly owned by former BWX CEO John Humble, has successfully acquired Sukin along. The sale, valued at just over $70 million, includes the Victorian-based manufacturing facility, along with associated assets and operations.
David Hardy, KPMG Australia’s Restructuring Services Partner, expressed satisfaction with the outcome in a statement and said PNB Consolidated was poised to provide the ideal platform for Sukin to thrive in the years to come.
“We are delighted to announce the sale of the Sukin brand,” he said. “Importantly, we have been able to reach an outcome that keeps both this wonderful brand and high-end manufacturing operations together.
“PNB Consolidated bring a strong pedigree in the manufacturing and distribution of health and wellness brands. Their vision and ownership will provide the ideal platform for Sukin to flourish for years to come.
“I would particularly like to call out the support of BWX team members, customers, and suppliers throughout the receivership process. This support has been invaluable to the Receivers and Managers and a key reason for reaching a successful sale outcome.”
BWX initially acquired Sukin in 2015. The brand has a prominent presence in major retail outlets such as Coles, Woolworths, Priceline, and Chemist Warehouse.
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