Wipro has signed an agreement to acquire the Yardley business in Asia, Middle East, Australasia and certain African markets for consideration of approximately $ 45.5 million from UK-based Lornamead Group. Revenues on run-rate basis for financial year 2010 is $ 24M. This transaction adds another jewel to Wipro Consumer Care and Lighting (FMCG arm of Wipro) following its acquisition of Unza in 2007. The transaction is expected to complete by mid December 2009. Lornamead retains the Yardley business in Europe and the America's.
Yardley is a strong heritage global brand established since 1770 in the personal care category with fragrance products, bath and shower products and skin care. It is a premium priced brand and is one of the few personal care brands which holds royal warrants. The brand has a very strong equity globally in markets including Asia, Middle East, Australasia and Africa.
The Lornamead Group acquired Yardley from Procter & Gamble in 2005 and following Lornameads' acquisition, it invested in the brands product development, distribution channels and merchandising across international markets, significantly increasing Yardley overall sales and profitability.
The company made this announcement during the trading hours today, 05 October 2009.