TOKYO — Japan’s Pola Orbis Holdings has agreed to purchase 100 percent of Australian skin care company Jurlique International Pty. Ltd for about 300 million Australian dollars, or nearly $300 million at current exchange.
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Pola, which is listed on the Tokyo stock exchange, said the acquisition will strengthen its presence in Australia, New Zealand and Asia.
“Pola anticipates significant synergies to be generated from utilizing Pola’s research and development capabilities, as well as marketing knowledge, together with Jurlique’s premium natural organic brand concept and its natural ingredients product lineup,” the Japanese company said Wednesday.
Jurlique has narrowed its net losses over the past three years but was still in the red for its most recent fiscal year ending this past June. The company, which San Francisco-based private equity fund JH Partners LLC took over in 2008, posted a net loss of 592,000 Australian dollars ($590,082) on revenue of 84.08 million Australian dollars ($83.8 million) for that period, Pola said. Sales were 67.23 million Australian dollars ($67.01 million) for the year ending June 2009.
Pola said the purchase price includes the repayment of some of Jurlique’s debts.
Pola said the acquisition is scheduled to be completed in January or February and the company does not expect the transaction to have a material impact on its consolidated performance for the year ending December 2012.
“I look forward to working closely with Pola to pursue opportunities to further accelerate growth on a global scale; both in terms of greater penetration of existing multichannel distribution and geographic expansion,” Jurlique’s president and chief executive Sam McKay said in a separate statement.