PZ Cussons buys St Tropez for £62.5m

 
City A.M. Reporter
Soap and shampoo maker PZ Cussons has bought tanning-products firm St Tropez from its private-equity owner LDC for £62.5m in cash.

The maker of Imperial Leather soaps and Carex handwash said St Tropez was a good fit with its portfolio of premium brands, which includes The Sanctuary and Charles Worthington hair-care products.

St Tropez sold £20.7mof its self-tanning lotions and sprays in the year to end-July 2010, mainly in the UK through retailers such as Boots, Superdrug, Sainsbury's and John Lewis.

PZ Cussons Chief Executive Alex Kanellis said: "We see good growth opportunities, both in the UK and overseas, particularly by linking the strategy to that of The Sanctuary spa brand."

The company said the deal was expected to be earnings enhancing in the current financial year.