has made its final payment of $9.2m in its takeover of Wellington-based cosmetics company . The scented candle company signed on to pay $20m for Trilogy under an agreement reached in 2010, paying $10m up front in shares and cash, and a further $10m a year later based on earnings. Last week’s final payment from ECOYA was based on an achievement of 92 per cent of that target.
Despite the hefty payout, it’s business as usual for Trilogy co-founders and sister Sarah Gibbs and Catherine de Groot. I don’t think you’ll see us going nuts… Cath and I are conservative in that regard,” says Gibbs told stuff.co.nz.. Running a business is about passion and fun, not just financial gain, and in particular this has been a great experience over the past 10 years.”
The deal with ECOYA sees Sarah Gibbs take a seat on the ECOYA board and the responsibility of growing both brands internationally.
Australia is our biggest market and will continue to be so, but increasingly we’re shifting focus to Asia,” Gibbs says. Both ECOYA and trilogy have fantastic potential there.”
ECOYA chairman and chief executive complemented Trilogy on the way it’s managed. It’s very well run and our role is not to change that, just amplify the food things they’ve done.”
