Zoë Foster Blake has sold a majority stake in Go-To Skincare to BWX for a cool $89 million, as reported by The Sydney Morning Herald.
Under the terms of the acquisition, BWX will own 50.1 per cent of the business, valuing Go-To at $177 million.
“It’s been a really big learning curve for me the last eight or so months doing the deal, I am excited and can’t wait to get back to work,” said Foster Blake.
The ex-beauty editor started Go-To in 2014 and had a 40 per cent stake in the business, valued at $70 million based on the $177 million valuation. She retains a 23 per cent stake.
Go-To will remain a standalone brand with Foster Blake as strategic shareholder, chief creative officer and board director. The company’s other co-founders will also remain in the partnership.
Foster Blake has agreed to stay with the business for a minimum of three years and says the deal will enable Go-To to expand internationally to countries such as the United Kingdom and Canada, with sales in the United States currently making up 12 per cent of the brand’s revenue.
BWX already owns the likes of Sukin, Andalou Naturals, Mineral Fusion, and Nourished Life brands.
“[BWX] have got proven inroads globally with their brands, they’ve got boots on the ground over there, they’ve got the infrastructure, the people, the experience to help us really do that,” she said. “The main reason to team up with BWX is to go at it very hard.”
Image sources: Go-To Skincare and @zotheysay.