PZ CUSSONS PLC Proposed sale of Minerva and Luksja brand (4838K)
29 Agosto 2019 - 1:00AM
UK Regulatory
TIDMPZC
RNS Number : 4838K
PZ CUSSONS PLC
29 August 2019
PZ Cussons
("PZ Cussons" or the "Group")
Proposed sale of Minerva and Luksja brand
PZ Cussons Plc, a leading international consumer products group,
is pleased to announce that, in line with the Company's newly
stated strategic direction, it has entered into agreements to sell
its Greek food subsidiary Minerva and its Polish personal care
brand Luksja.
Sale of Minerva
PZ Cussons has exchanged contracts for the sale of 100% of the
share capital of its Greek subsidiary, Minerva S.A. Edible Oils and
Food Enterprises ("Minerva") to Mirties Enterprises Company
Limited, a company controlled by Diorama Investments SICAR SA
("Diorama"), a Luxembourg investment company, regulated by
Luxembourg's Capital Markets Commission. Diorama has appointed Deca
Investments AIFM ("Deca") as its external fund manager.
Minerva is being sold for a consideration of GBP41.0 million(1)
in cash, payable upon completion. Completion will occur upon draw
down of funds by the purchaser from its financing bank which is
expected within the next few weeks. The proceeds from the sale will
be used to reduce existing debt in the business and drive focused
investment in our core brands as part of the Group's new strategy
to 'Focus, Scale and Accelerate'.
Founded in 1904, Minerva was the first company to sell branded
packaged olive oil in Greece. Over a rich history spanning more
than 115 years, Minerva has established itself as an iconic brand
and holds leading positions in each of the olive oil, spreads,
vinegar and cheese categories. Minerva's products are marketed
under 10 well-known brands and the business has export activities
across a number of countries.
The profits and gross assets attributable to Minerva are
GBP0.5m(2) and GBP53.6m(3) respectively, as disclosed in Minerva's
latest published local accounts for the 2018 financial year. PZ
Cussons' results for the year ended 31 May 2019 included Minerva
Sales and EBITDA of GBP44.1m and GBP3.3m respectively. The sale of
Minerva would reduce the Group's FY19 PBT by c.GBP1.8m on a pro
forma basis.
The sale of Minerva constitutes a class 2 transaction for the
purposes of the UK Listing Rules. A further announcement regarding
completion of the transaction will be made at the appropriate
time.
Sale of Luksja
On 12 August, PZ Cussons also exchanged contracts for the sale
of Polish personal care brand, Luksja, together with all associated
inventory, to Athens based personal care company, Sarantis Group
("Sarantis"). PZ Cussons and Sarantis have also agreed to enter
into a distribution agreement whereby Sarantis will distribute
certain PZ Cussons' core brands (which include Carex, Original
Source and Morning Fresh) in Poland and Central and Eastern
Europe.
Completion of the transaction and commencement of the
distribution agreement is subject to competition clearance being
granted in relevant territories, including Poland. Following
completion, PZ Cussons' on-the-ground operations in Poland will be
wound down.
Alex Kanellis, CEO of PZ Cussons said:
"The proposed sale of Minerva and Luksja forms part of PZ
Cussons' new strategy to 'Focus, Scale and Accelerate', announced
along with our final FY19 results on 23 July 2019. We are
streamlining the Group to focus investment on core Personal Care
and Beauty brands to deliver higher margin earnings, in geographies
that can scale, with the aim of returning the Group to sustainable,
profitable growth.
The sale of Minerva provides additional proceeds to continue to
drive our strategy forward. Deca is an excellent partner for
Minerva's future growth prospects and I would like to thank the
Minerva team for their hard work and dedication during their time
with us and wish them every success in the future.
Luksja is a great fit with Sarantis's portfolio and I would like
to thank the Luksja team for their important contribution to the
development of PZ Cussons Poland in recent years."
- Ends -
Press enquiries
PZ Cussons
Alan Bergin (Interim Chief Financial
Officer) 0161 435 1236
Instinctif
Tim Linacre / Guy Scarborough 020 7457 2020
Notes
(1) Consideration translated from EUR to GBP at spot rate on 28
August of 1.10
(2) Profits the subject of the transaction translated from EUR
to GBP at the average rate between 01/06/2017 and 31/05/2018 of
1.1290
(3) Gross Assets the subject of the transaction translated from
EUR into GBP at the closing rate at 31/05/2018 of 1.1399
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END
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