Hong Kong-listed Biostime takes Swisse prize

Posted on by Listify Me
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  • Sarah Thompson

  • Anthony Macdonald

  • Jake Mitchell

Hong Kong-listed Biostime has won the auction for vitamin maker Swisse Wellness for $1.67 billion, sources said on Thursday. 

Biostime, advised by HSBC, trumped a field including Chinese private equity firm Hony Capital and Chinese drug manufacturer Shanghai Pharma in the Goldman Sachs-run sale.

The founding Ring family and management team led by chief executive Radek Sali are expected to keep a 15 per cent to 20 per cent stake in the business. 

Swisse management has been credited with a remarkable turnaround of of the business, with earnings before interest, tax, depreciation and amortisation understood to be tracking on an annualised rate of close to $200 million, compared to  EBITDA of $2 million in 2013 on revenues of $232 million.