- Wellnex Life (WNX) is set to acquire teeth whitening brand Mr Bright
- The company entered a binding asset sale agreement to acquire 100 per cent of the premium teeth whitening brand, subject to shareholder approval
- The acquisition is for $1.5 million in ordinary shares in Wellnex at a minimum price of 10 cents per share, or the five-day VWAP price immediately prior to settlement
- Mr Bright offers a range of premium take-home teeth whitening solutions, using the latest in high-tech, safe dental technology
- Wellnex Life is up 12.2 per cent and trading at 9.2 cents at 1:30 pm AEST
Wellnex Life (WNX) is set to acquire teeth whitening brand Mr Bright.
The company entered a binding asset sale agreement to acquire 100 per cent of the premium teeth whitening brand, subject to shareholder approval.
Wellnex will acquire Mr Bright for $1.5 million in ordinary shares in Wellnex at a minimum price of 10 cents per share, or the five-day volume-weighted average price (VWAP) price immediately prior to settlement.
Mr Bright offers a range of premium take-home teeth whitening solutions, using the latest in high-tech, safe dental technology.
The company’s products don’t contain the commonly used harmful chemical hydrogen peroxide, instead using glycerine, sodium bicarbonate and cranberry to deliver whitening agents deep into the tooth enamel.
The company has distribution channels across the USA and UK, as well as online sales channels, however, the products have poor penetration in the Australian market.
Mr Bright saw strong year-on-year growth and an earnings before interest, tax, depreciation and amortisation (EBITDA) margin of around 20 per cent, which is anticipated to increase as distribution channels expand and efficiencies are achieved post-acquisition.
Annualised revenue for Mr Bright was roughly $4 million and normalised EBITDA for FY22 was circa $800,000, with continued growth in FY23 so far.
CEO of Wellnex Life George Karafotias said Wellnex is overjoyed to be adding to its diversified portfolio with the acquisition of premium teeth whitening brand, Mr Bright.
“We expect to increase the brand value for Mr Bright and grow revenue, margins and profitability for the wider Wellnex group,” Mr Karafotias said.
“The acquisition supports Wellnex’s objective of delivering innovative and quality brands and products into the fast-growing health and wellness market to meet consumer’s changing preferences.”
Wellnex Life was up 12.2 per cent and trading at 9.2 cents at 1:30 pm AEST.