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Adcock Ingram to acquire Plush Professional Leather Care (Plush)2020/03/18 14:12:42
18 March 2020
Adcock Ingram to acquire Plush Professional Leather Care (Plush)
Midrand – In line with Adcock Ingram’s strategy to pursue value-adding acquisitions, particularly in less-regulated areas of the market, the Company today announced that it has concluded a share purchase agreement to acquire 100% of Plush. The acquisition is subject to the fulfilment of a number of suspensive conditions, including approval by the competition authorities.
Plush is a well recognised South African brand with a proud heritage of over 55 years. Although the company’s roots lie in shoe and leather care products, over the last 10 years it has successfully diversified its product offering into a range of home care and cleaning products that now make up the majority of its revenue. Plush generates sales in excess of R200 million, and distributes its products through most of the major retailers in South Africa.
‘We are totally committed to being part of Adcock Ingram, another leading South African business. We look forward to adding value from an operational and strategic perspective to the combined entity. I furthermore believe that it is an amazing opportunity for the Plush staff and brands to grow and prosper in a listed environment’ says Steve de Villiers, Managing Director of Plush. ‘We consider Plush to be an attractive investment for Adcock Ingram in a non-price regulated segment, allowing Adcock Ingram an entry into the homecare market, alongside our consumer healthcare and personal care portfolios. The Company expects to help Plush increase its retail reach and our strong balance sheet becomes available to the company for the expansion of its operations. Adcock Ingram will benefit from Plush’s strong capabilities in innovation, customer relations and operational flexibility. Continuity of the senior management team will also ensure that Plush’s customers, suppliers and staff experience a seamless transition under Adcock Ingram. Plush employs 60 people within its operations, and we are very happy to welcome the entire Plush team into the Adcock Ingram Group’ says Andy Hall, Chief Executive Officer.
About Adcock Ingram
Adcock Ingram is a leading South African pharmaceutical manufacturer, founded in 1891, and listed on the Johannesburg Stock Exchange. Adcock Ingram manufactures, markets and distributes a wide range of healthcare products and is a leading supplier to both the private and public sectors of the market. Adcock Ingram provides an extensive portfolio of branded and generic medicines. It also has a strong presence in over-the-counter brands, and is South Africa’s largest supplier of hospital and critical care products. The Company’s mission is to provide quality products that improve the health and lives of the people in the markets that we serve.
Corporate Communications Manager
Adcock Ingram Healthcare (Pty) Ltd
Tel: + 27 11 635 0189
Mobile: +79 566 9527