As per a statement issued by the JSE Stock Exchange News Services (SENS) on 24 November 2022, Clicks Group is to acquire Sorbet Holdings for a cash consideration of R105 million.
The Sorbet Group franchise of salons consists of 190 stores across South Africa under various brands – Sorbet Beauty Salon, Sorbet Nailbar, Sorbet Man, Sorbet Hairbar and Candi & Co.
Clicks, a pharmacy and beauty group with over 850 stores nationwide, previously acquired 25% of Sorbet back in 2015. It is buying Sorbet from Old Mutual Private Equity, who acquired the business in March 2022 as part of the previously listed Long4Life group. Sorbet was founded in 2005 by Ian Fuhr, who sold it to Long4Life in 2017.
Sorbet Group will remain located in Johannesburg and the CEO, Linda Sinclair, will report to the Clicks Group CEO. All Sorbet employees will be transferred to Clicks.
Sinclair is quoted in the SENS statement as saying: “Clicks has played an instrumental role in supporting the growth of Sorbet into becoming a leading professional beauty and grooming franchise brand. Our values are strongly aligned with Clicks and we look forward to delivering on future growth opportunities as part of the Clicks Group.”
Sorbet products are currently sold in Sorbet salons and Clicks stores and the transaction will ensure that these products will be sold in the Clicks Group in perpetuity.
The proposed transaction is subject to approval by competition authorities.
(Sources: SENS; moneyweb.co.za; mg.co.za)