Prominent Greek Australian billionaire Dennis Bastas may be purchasing the top-selling skincare brand Sukin.
The businessman, who is behind Australia’s largest generic drug supplier, is one of several parties in the final stages of the auction for the natural skin and hair care brand previously owned by BWX.
Sulkin and its manufacturing site are being sold off by the beauty groups receivers after it collapsed in April, owing Commonwealth Bank around $105 million.
According to the AFR Rich List, Bastas has a fortune of $1.32 billion as the owner of Arrotex Pharmaceuticals, which produces treatments for hay fever, digestive health, as well as cold and flu.
It is reported that he is interested in buying both the brand and the 10-year lease at the manufacturing site, whereas other interested parties like Natural Beauty Care are only interested in the brand itself.
BMX has invested $34 million into the Clayton-based purpose-built factory, which has a capacity of 70 million units across bottles and jars.
Over the last few years, the Chairman and CEO of Arrotex has quietly been increasing his portfolio in health and beauty sector, having acquired natural skincare brands Brutal Truth, MyAura, and natural acne treatment SkinB5.
Also owned by Arrotex is MCoBeauty, who’s founder Shelley Sullivan remains as chief executive and the rights to Surf Live Saving sunscreen.
Australian Financial Review say Bastas declined to comment on the situation but he had previously told them in an interview last year: “the only reason I get out of bed every day is for a deal I haven’t done.”
Another asset for sale of BWX’s is their majority stake in Go-To-Skincare, which they paid $89 million for in 2021.
Their digital brands Nourished Life and Flora & Fauna have already been sold, while other brands like Mineral Fusion and Andalou Naturals are not under receivership and up for sale.