PZ Cussons buys hair brand Fudge for £25.5m

PZ Cussons, the listed consumer products group, has boosted its high-end beauty division with the £25.5m acquisition of the Fudge hair care brand.

Fudge, which is sold primarily in hair salons in the UK, Australia and New Zealand, had sales of £15.7m in the year to the end of last June.  The business was previously owned by Australia-based Sabre Group.

PZ Cussons said it expects the deal – which it is settling in cash – will be completed by the end of this month.

Fudge will join the portfolio of brands within PZ Cussons Beauty, the group’s recently formed beauty division, which currently comprises self tan brand St Tropez, Sanctuary and Charles Worthington.

Around  50% of Fudge sales are currently in the UK and Europe and 50% in Australia and New Zealand.

Alex Kanellis, chief executive of PZ Cussons said:“The acquisition of Fudge further strengthens our newly formed beauty division and broadens its category participation.

“The geographic and distribution footprint of Fudge is a perfect fit with the current brand portfolio and we see further opportunity to develop the brand’s international potential Following this acquisition our balance sheet remains strong giving us flexibility for further investment opportunities as they arise.”

Michelle Feeney, chief executive of PZ Cussons Beauty, said Fudge is a young, vibrant brand with “untapped potential.”