Page 21 - Sphere No.10 (Dec 2003)

S PHERE
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D1.36 billion acquisition of the Kruidvat Group, the undisputed
leader in health & beauty retail in Europe.
The deal, at a favourable 7.2 times EBIT,was just another step along
ASW’s acquisition road — albeit a giant one that tripled the division’s
point-of-sale portfolio at the stroke of a pen.
The Kruidvat acquisition, ASW’s biggest to date, had all the hall-
marks of the company’s inimitable acquisition style — very personal,
based on a strong relationship, and with minimal involvement of out-
side interests.
After 74 years as a family-run retail chain, the owners of Kruidvat
had decided the time had come to sell and were looking for a suitor.
Having identified ASW as the most appropriate buyer, discussions
took place with Ian Wade over the dinner table. The two
businesses seemed a good fit. Wade took the details back to the
HutchisonWhampoa board, including Chairman Li Ka-shing, and in
a relatively short time the deal was done.
WatsonsYour Personal Store,Asia’s leading health & beauty chain, began as a dispensary in Canton, China in 1828. Expansion has been rapid since
the 1980s and the chain now operates in Hong Kong, Mainland China,Taiwan, Macau, Singapore, Malaysia,Thailand and the Philippines. Over 25,000 products
are offered in more than 700 stores, from cosmetics and toiletries to confectionery and toys. It is alsoAsia’s leading pharmacy chain with around 400 stores.
more than 3,200 stores …
Health & beauty
revenues worldwide
totalled US$180 billion
in 2002