PZ Cussons buys into baby food

PZ Cussons, the maker of St Tropez self-tanning products and Imperial Leather soaps, has agreed to buy Australian baby food brand Rafferty’s Garden from private equity firm Anacacia Capital. Cussons will pay £42.2m for the firm and obtain its 40 per cent share of the wet baby food market. Rafferty’s revenues for the year ended 30 June 2012 were £22.5m, and its gross assets were valued at £12.5m for the same period.