2019 | Consumer
Advised
on its sale to
Overview of Transaction:
On August 30, 2019, Unilever (NYSE: UL / Market Cap: ~US$168 billion), announced the acquisition of Astrix S.A. (“Astrix”), a leading manufacturer and marketer of home care and personal care products in Bolivia
Founded in 1993, Astrix is a market leader in the Bolivian home and personal products market, with brands such as OLA, an iconic brand present in most Bolivian households. Astrix is the market leader in several product segments such as dishwashing, fabric conditioner, hard surface cleaner, and toilet care, among others. Most recently, the company expanded into personal care and baby care
Unilever, together with its subsidiaries, operates in the fast-moving consumer goods industry worldwide. It operates through three segments: Beauty & Personal Care, Foods & Refreshment, and Home Care. Unilever is one of the oldest multinational companies; its products are available in over 190 countries. Unilever owns over 400 brands with 2018 sales totaling US$58.4 billion, and thirteen of their brands boast sales of over US$1 billion each: Axe/Lynx, Dove, Omo, Heartbrand ice creams, Hellmann’s, Knorr, Lipton, Lux, Magnum, Rexona/Degree, Sunsilk and Surf. The company was founded in 1929 and is headquartered in Rotterdam, the Netherlands
Strategic Rationale:
Complimentary Product Portfolio: Astrix’s homecare and personal care product portfolio is highly complimentary to Unilever’s product offering in the Bolivian market. Astrix is a market leader in several product segments including dishwashing, laundry care, surface care and toilet care, among others
Strengthen Leadership in a Key Market: Unilever Cono Sur has a local presence in Argentina, Bolivia, Chile, Paraguay, Peru and Uruguay. Astrix’s leading position in several home care categories in Bolivia, such as the hand dishwash category (75% market share), along with top shares in polishes (36%), surface care (52%) and toilet care (39%), make it a tremendous addition to Uniliever’s strong portfolio
Blue-Chip Brands: The OLA and Liz brand names are among the most recognized in the Bolivian home care and personal care industries
Cobaltum Role / Results
Cobaltum acted as the exclusive strategic and financial advisor to Astrix’s shareholders
Cobaltum advised the sellers throughout the entire sales process, including initial negotiations, LOI, due diligence, and negotiation and execution of definitive transaction documents
Cobaltum was instrumental in achieving a successful closing, managing a highly complex transaction with an extended negotiation process and inherent complexities
Cobaltum’s hands-on transaction management approach, including managing an exhaustive buyer due diligence process, leading highly complex negotiations and coordinating large teams of internal and external representatives for both sides, was key to successfully closing the transaction