Natural skin care brand joins candle specialist
Skin care company Trilogy Natural Products has been acquired by fellow New Zealand company Ecoya in a deal being described by the companies as ‘a natural fit’. Ecoya, which is listed on the New Zealand stock exchange, has paid $10m in cash for Trilogy and a further $10m will follow, split between cash and NZ$1 Ecoya shares, and Ecoya has placed 6.3 million shares, worth NZ$4.75m, to partially fund the acquisition.
Trilogy was founded in November 2002 by sisters Sarah Gibbs and Catherine de Groot and has become a major player in natural skin care while Ecoya was formed in 2004 and focuses on naturally crafted soy wax candles as well as bath and body products.
Gibbs and de Groot will continue to manage the Trilogy brand from its Wellington headquarters and say the sale to provides them with the ideal platform for growth. In addition to distribution in Australia and New Zealand, Trilogy is active in the UK and Ireland but is not in the US, while Ecoya, though not in Europe, has a presence in exclusive retail in the US as well as Hong Kong.
Gibbs comments: “This feels like a natural fit and we’re thrilled to be partnering with another great New Zealand brand that shares our culture of creativity, differentiation and a focus on developing high quality accessible products. We’re excited about the potential for the growth of both brands and we believe that in developing the business globally we will be more powerful together than we would be as separate businesses.”
“We are rapt that Trilogy is now part of our family – here in New Zealand,” adds Ecoya executive chairman. “Together we have the resources to continue its growth globally.”