Go-To Skincare founder Zoe Foster Blake and co-Founder Paul Bates have regained ownership of the brand after buying back the 50.1% stake for $21.8 million from BWX. The collapsed house of natural beauty brands acquired the stake in 2021 for $65 million.

WHO: Go-To was founded by former Australian beauty editor and author Zoë Foster Blake in 2014 with co-founders Stefan Drury, Peter Lehrke, and Paul Bates to disrupt the skincare industry by simplifying skincare. The brand has extended into the men's category with Bro-To and skincare for kids with Gro-To.

Australian BWX Limited is a developer, manufacturer, distributor, and marketer of branded skincare and haircare products, emphasizing the natural segment of the beauty and personal care market. The company is a leader in beauty and wellness business with a portfolio of six brands, including Sukin, Andalou Naturals, USPA, Mineral Fusion, Flora & Fauna, and Nourished Life.

WHY: Publicly traded BWX went into voluntary administration in April as the company deals with mounting losses and struggling subsidiaries. A series of big acquisitions, some of which were debt-backed, put pressure on the business. Go-To is run and managed independently and was not included in the administration, but BWX has actively been working to find a compatible buyer for its stake in the business.

IN THEIR OWN WORDS: “This transaction returns control of the company to its founder whose deep and intimate understanding of Go-To will be of significant value to the brand’s future direction,” said KPMG Australia restructuring partner Gayle Dickerson.

“This is an incredible brand and business, with a deeply passionate team and incredibly loyal and supportive customers,” added founder Zoe Foster Blake. “It is my joy and privilege to give both my full focus and attention.”

DETAILS:

• Go-To Skincare founder Zoe Foster Blake has regained ownership of the brand after buying back the 50.1% stake for $21.8 million along with co-founder Paul Bates. Zoe Foster Blake purchased $8 million to buy shares, and co-founder Paul Bates bought $500,000 worth of shares. This deal makes Foster Blake the majority shareholder with a 59.68 percent stake in the business. 
• In October 2021, BWX Limited acquired a 50.1% interest in Go-To, one of Australia's leading omnichannel skincare brands, for approximately $65 million (AUD$89 million). 
• The business generated $26.2 million (AUD$36.8 million) of revenue and $8.5 million (AUD$11.6 million) in EBITDA in the financial year prior to the transaction. 
• The deal valued the business at $128.4 million (AUD$177 million) or 15 times EBITDA.