In a business move that reverberates with echoes of iconic transactions in corporate history, entrepreneur and beauty expert Zoe Foster Blake has regained control of Go-To Skincare, buying back the 50.1% stake from BWX Group for a mere fraction of its 2021 sale price.

 The Australian Financial Review reports that Foster Blake, along with co-founder Paul Bates, secured the deal for $21.8 million, significantly less than the $89 million she received when she initially sold half of Go-To Skincare to BWX in 2021.

The collapsed beauty company BWX, facing financial turmoil and administration since April, had been actively seeking a buyer for the stake. KPMG, appointed to handle the collapse, facilitated the landmark deal, with Foster Blake and Bates now acquiring a majority stake of 59.68% in Go-To Skincare.

Despite BWX’s challenges, Go-To Skincare continued to operate independently, avoiding administration or receivership. Foster Blake’s repurchase involves her buying $8 million worth of shares, with Bates acquiring $500,000 worth. The transaction not only returns the business to its original founders but also erases a put-option liability from the 2021 deal, which was initially valued at $59 million.

Expressing her excitement about reclaiming control of Go-To Skincare, Zoe Foster Blake stated, “It is my joy and privilege to give both my full focus and attention [to Go-To].” The deal comes on the heels of advanced talks with River Capital to buy the stake, which ultimately fell through.

KPMG Australia’s Turnaround and Restructuring Services Partner, Gayle Dickerson, emphasised the significance of the transaction, stating, “This transaction returns control of the company to its founder whose deep and intimate understanding of Go-To will be of significant value to the brand’s future direction.”

As Go-To Skincare resumes its journey under Foster Blake’s leadership, the beauty industry continues to witness strategic shifts, with other brands such as Flora & Fauna and Nourished Life also undergoing changes.

The sale of the Sukin brand and manufacturing site remains a separate ongoing process, with potential buyers including billionaire businessman Dennis Bastas and Natural Beauty Care.

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