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Beauty entrepreneur Zoë Foster Blake has regained control of Go-To, the skin care line she co-founded. A majority share of the company was sold to Melbourne-based beauty manufacturer BWX Limited in August 2021 for 89 million Australian dollars ($60 million).
In a deal that closed on Dec. 15, Foster Blake, along with co-founder Paul Bates, paid 22 million Australian dollars to regain now-collapsed BWX’s 50.1 percent stake. Foster Blake, a former beauty editor, created the line in 2014 around the ethos of “uncomplicated” formulas.
Publicly-traded BWX went into voluntary administration in April after making a series of big-ticket acquisitions, some of which were debt-backed. While its acquisition of Go-To was funded by an equity raise, the valuation was for fifteen times the brand’s EBITDA.
As market conditions deteriorated, the company became over-leveraged. Its shares were suspended from the Australian stock exchange ASX on Aug. 22.
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In a statement to The Business of Beauty, Foster Blake said she was “excited and energised” to move forward.
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