New Delhi: FMCG major Marico on Friday said its wholly-owned subsidiary Marico South Africa has acquired hair styling brand Isoplus for 75 million South African Rand (over Rs 36 crore) from JM Products Pty.
The acquisition will strengthen Marico's portfolio to make it a complete ethnic hair care player in that country.
"Marico South Africa Pty Ltd (MSA) on Friday announced the acquisition of business including intellectual property rights of Isoplus from JM Products Pty Ltd and Mary L Harris," its owner, Marico said in a statement.
JM Products is an African-American owned company that manufactures hair care products in South Africa.
Commenting on the deal, Marico MD and CEO Saugata Gupta said: "This bolt-on acquisition plugs a critical gap in Marico's portfolio in the ethnic care space in South Africa"
The acquisition includes manufacturing facilities, working capital and all intellectual property rights owned by JM Products and Mary L Harris.
"This strategic buyout will enable MSA to become a full spectrum ethnic hair care company in South Africa," Marico said.
Marico is currently present in South Africa through brands like Caivil, Black Chic, Hercules, Medi-pac, among others.
"The strength of the brand Isoplus, coupled with years of sales and marketing expertise developed within, will enable us to grow both -- the category and our presence in the category in the long run," MSA MD and Business Head John Mason said.
Updated Date: Jul 28, 2017 20:07:47 IST