Sydney-based Modibodi, an Australian company that specialises in leakproof items of clothing, has been snapped up by Sweden-based Essity for AUD 140 million on a cash and debt-free basis.
The transaction is expected to be finalised in the second half of 2022.
Hygiene and health company Essity, through this acquisition, hopes to strengthen its position in the leakproof apparel market, which it describes as the fastest-growing segment in the intimate hygiene category.
Established in 2013, Modibodi has grown to become a global company with annual sales of AUD 56.7 million in 2021. The company markets a range of sustainable leakproof apparel for periods and incontinence including underwear, swimwear, activewear and maternitywear through an online, direct-to-consumer business model, with a growing sales base in retail channels.
Regarding the acquisition, Magnus Groth, President & CEO, Essity, said “Modibodi has the qualities we are looking for with leading market positions, strong brand and sustainability credentials as well as excellent digital marketing and e-commerce capabilities.”
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