Blackmores acquires FIT-BioCeuticals for A$40 million
Australia’s Blackmores (ASX:BKL) says that it has agreed to acquire 100% of the issued share capital of FIT-BioCeuticals, an established Australian leader in the practitioner-only supplements market, for a cash payment up to a maximum of A$40 million ($41 million) and will be fully debt-funded from additional banking facilities.
An amount of A$38.4 million is payable on completion, which is scheduled for tomorrow (July 5) and an additional payment of up to A$1.6 million will be payable soon after completion if certain conditions are met in relation to earnings for fiscal year 2012. The purchase price is also subject to a post completion working capital adjustment mechanism.
In the year to June 2011 BioCeuticals delivered A$38 million in invoiced sales and earned A$4.6 million earnings before income tax, depreciation and amortization.
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