Peterborough beauty products maker expands with £6 million acquisition
A beauty and lifestyle products manufacturer in Peterborough has just completed the £6.3 million acquisiton of an international rival.
Creightons, which employs 340 staff at its headquarters in Lincoln Road, has bought the renown Emma Hardie company and its famous skin care brand
The deal is valued at £6.36 million, made up of £5 million in cash and the issue of 1.6 million ordinary shares of 1p each.
The purchase gives Creightons access to Emma Hardie’s range of cruelty-free and innovative products that have attracted customers throughout the UK, Europe, USA, and Asia Pacific.
The acquisition comes six months after Creightons failed in a bid to buy international cosmetics giant InnovaDerma despite a direct appeal to shareholders flagging up an all shares offer.
However, announcing its annual trading figures last week, Creightons revealed it had net cash on hand of £6,155,000 that it had earmarked for the firm to take advantage of opportunities for expansion.
The acquisition of Emma Hardie, which was founded in 2009, will enhance the security of the business and allow Creightons to build up its branded products.
Bernard Johnson, managing director of Creightons, said: “We are pleased to announce
the acquisition of Emma Hardie Ltd which represents a significant investment in a premium skincare business with an impressive digital customer base.
“It is consistent with our strategy to develop our branded business which we have identified as a key driver for growth in the future.”
A statement by the company adds: “The addition of a premium skincare brand strengthens our brand portfolio and offering by taking the business into a higher end group of retailers and digital platforms.
“There are both manufacturing and management synergies that will drive a higher return in the brand, as well as significant opportunities for extending the distribution of the brand in the UK market and in multiple international markets.
“Our in-house development and brand teams will also be able to extend the bandwidth of the brand offering, to drive sales expansion and margin opportunities.”