BWX Limited → Go-To Skincare (50.1% stake, from Zoë Foster Blake and co-founders)
completedDeal announced2021-08-27
BuyerBWX Limited
SellerGo-To Skincare (50.1% stake, from Zoë Foster Blake and co-founders)
SectorSkincare
ValueA$89.0M
Deal typeM&A
ASX-listed BWX Limited acquired a 50.1% majority stake in Go-To Skincare, the brand founded by Zoë Foster Blake in 2014, for approximately A$89 million. BWX later sold the stake back to Foster Blake for just A$21.8 million in December 2023 amid BWX's financial difficulties — a sharp reversal worth noting for context.
Why the buyer wanted it
BWX wanted a fast-growing, founder-led skincare brand to add to its beauty portfolio.
Why the seller agreed
Foster Blake and co-founders Stefan Drury, Peter Lehrke and Paul Bates sold half the business to fund further growth while retaining the remaining 49.9% stake.
Stock reaction
Not applicable — Go-To Skincare is privately held.
Deal mechanics
Deal structure
Acquisition of 50.1% equity stake