《中国保健协会网》
由 中国保健协会保健品市场工作委员会 主办 快速导航  工作邮箱登录
首  页 | 行业聚焦 | 工作动态 | 市场监督 | 非常观点 | 媒体曝光 | 市场峰会 | 庶正康讯
政策法规 | 注册申报 | 批件搜索 | 市场调研 | 调研报告 | 展会信息 | 信用评价 | English 


互联网 www.chca.net.cn
中国保健行业历年十大事件 | 销售商俱乐部 | 《保健食品注册与备案管理办法》7月1日施行 保健食品原料目录(第一批)征求意见

号外|中国财团疑相中澳佳宝 / Blackmores

庶正康讯 2018-4-13  

当地时间4月12日午间,澳洲金融报刊文

《China may come knocking for Blackmores, JP Morgan says shares headed for $150》。

该文称,有消息表示,中国财团的收购目标已转向Blackmores。

有关分析称,在过去的两年半时间内,中资先后收购澳企Swisse、Vitaco及Nature's Care,从而使Blackmores成为澳洲最后一个独立的大型维生素生产公司。

详情请阅读澳洲金融报英文原文——

Blackmores has obvious corporate appeal as a buyout target for Chinese private equity firms but they would need to get 25 per cent shareholder Marcus Blackmore on board.

Analysts say the $2.1 billion vitamins giant Blackmores has obvious corporate appeal to Chinese private equity firms who've watched its strong growth, but any buyout would need the blessing of 24 per cent shareholder Marcus Blackmore.

Blackmores is the last big independent Australian vitamins company following three buyouts in the past two-and-a-half years by Chinese companies of Swisse, Vitaco and Nature's Care.

Nature's Care, the maker of Healthy Care, one of the biggest sellers in the vitamins aisles of big box retailer Chemist Warehouse, had a change of control on Wednesday when two Chinese private equity firms acquired a majority stake from Sydney's Wu family in a transaction which valued the company at almost $800 million.

JP Morgan analyst Russell Gill said it was yet another example of a Chinese-based company acquiring Australian brands and "attracted by the category growth", particularly through export and cross-border e-commerce channels into China.

Blackmores is the last big independent Australian vitamins company following three buyouts in the past two-and-a-half years by Chinese companies of Swisse, Vitaco and Nature's Care.

Mr Gill expects Blackmores shares to reach $150 by the end of calendar 2018. He said the corporate deals in the sector would help keep valuations at robust levels.

"We believe corporate activity will continue to underpin industry valuations," he said.

Belinda Moore, analyst at stockbroking house Morgans, said the high-quality Blackmores brands and its dominant market share would have it in the sights of potential Chinese buyers, but the 24 per cent strategic stake held by former chairman Marcus Blackmore makes it harder for any deal to proceed.

"Obviously Blackmores has corporate appeal. It has high-quality brands and a very good market position," Ms Moore said.

Marcus Blackmore kingmaker

JP Morgan expects Blackmores shares to head to $150 by year's end.

But Mr Blackmore would need to be won over. "It would be in the hands of Marcus Blackmore," she said.

Blackmores shares have been on a roller-coaster ride the past few years, and hit an all-time high of $220 in January, 2016 in what current chief executive Richard Henfrey has referred to as a "gift year" when demand from Chinese consumers soared to unprecedented levels.

Blackmores shares slipped 1.9 per cent to around $122 in early afternoon trading on Thursday.

A large part of that surge in late 2015 stemmed from the emergence of big daigou buyers, who were cleaning out the shelves of local Australian retailers like Chemist Warehouse and then selling the vitamins in China through e-commerce sites.

Analysts say Blackmores has obvious corporate appeal to Chinese private equity buyers but the 25 per cent stake owned by former chairman Marcus Blackmore is a thorn.

Growth rates at Blackmores are still solid, although the costs of competing in the Chinese market have been rising.

China's JIC Investments and Tamar Alliance Fund bought the majority stake in Nature's Care, which operates a manufacturing plant at Sydney's Belrose and employs about 260 people.

Sydney's Wu family will retain a significant stake in the company, which was founded in 1990.

Nature's Care has annual revenues of more than $230 million. It derives about 90 per cent of its sales from the Healthy Care brand sold through Chemist Warehouse in Australia. Nature's Care has around 7 per cent of the Australian vitamins market, behind Swisse and Blackmores which each have about 20 per cent.

The soaring appetite from Chinese consumers for big brands in Australian vitamins from 2014 stemmed from the "clean and green" high-quality reputation they had built up, following some health scandals among Chinese infant formula companies.

Chinese company Biostime International paid a high multiple for the Swisse business in late 2015.

Biostime, which subsequently changed its name to Health and Happiness, paid $1.7 billion for Swisse in a two-step acquisition at the height of the vitamins frenzy.

Shifting sands and cricket captains

ASX-listed Vitaco was acquired for $314 million by Chinese owners in late 2016. It was bought by Shanghai Pharmaceuticals, which owned 60 per cent of the bidding vehicle, while Chinese private equity firm Primavera Capital owned 40 per cent.

But the vitamins market never stands still for long. JP Morgan's Mr Gill outlined that Healthy Care had an exclusive arrangement with Chemist Warehouse and very strong promotional support which led to a "significant uplift" in its sales. But Chemist Warehouse in mid-2017 had purchased the Wagner brand from Vitaco and had substantially upped its promotional support, including advertising campaigns featuring former Australian Test cricket captain Michael Clarke.

Mr Clarke was in the spotlight in late march when he said he was prepared to come out of retirement to help the Australian Test team regroup after the ball-tampering scandal involving Steve Smith, David Warner and Cameron Bancroft.

4月11日、12日举行的「2018’中国营养保健食品 ( 春季 ) 市场峰会」,针对2018开年中国营养健康产业“腹背受敌”的现状,邀请研发、渠道、投资、准入等营养保健食品行业骨干企业代表现场分享精彩观点,轻点链接重温——

上半场:勇于破局者胜!保健品骨干企业上海论剑

下半场:朋友,渠道该重建啦!“保健品+新零售”了解一下

本文系庶正康讯原创,转载请注明


Shuzheng Consulting





本站转载文章版权属原作者,如有版权疑问请致电010-83505145-212
中国保健协会市场工作委员会 © 2005-2018 版权所有 不得转载 E-mail:xiehui@chca.net.cn 传真:(86)10 83505146
地址:北京右内72号 万博商厦902室 电话:(86)10 83505146(调研业务、信息产品) 83502445(准入咨询) 83504221(协会事务) 83501235(公关事务)
工信部备案号:京ICP备13005185号 北京网聚无限提供网络带宽 公安网监备案号:京公网安备110102006241