(Alliance News) - Consumer personal care products maker Creightons PLC said Tuesday it has bought skincare brand Balance Active Formula from Brodie & Stone International PLC for an undisclosed cash sum.
Creightons explained that although this was a "relatively small" acquisition for the firm, it believes it could add an immediate GBP1.2 million to future annual revenue "as well as providing future growth opportunities".
For the year ended March 2018, Creightons reported GBP1.6 million in pretax profit on revenue of GBP34.8 million the year prior.
The firm explained that Balance Active Formula has a "solid" sales base and customer following in the UK. The deal will extend the reach of Creightons into skincare and internet retailing as it looks to grow its online operations.
"We are excited by this acquisition which builds on our existing portfolio of brands in the beauty and well-being sectors," Creightons Global Marketing Director Pippa Clark said. "It gives us the ability to extend our offering to existing customers and the opportunity to extend our customer base, particularly in export markets. It also offers us even more effective utilisation of our existing sales and manufacturing resources."
Shares in Creightons were 6.1% higher at 35.00 pence in London on Tuesday.
Creightons (CRL)