JSE-listed Adcock Ingram has announced that all conditions precedent, including regulatory approval, for its acquisition of Plush Professional Leather Care, have been met and the acquisition is now unconditional.
The final closing of the transaction will take place before the end of May.
Plush will operate as a separate company within the Adcock group, reporting into and managed within the consumer division.
Adcock announced in March that, in line with its strategy of pursuing value-adding acquisitions, particularly in less-regulated areas of the market, it had concluded a share purchase agreement to acquire Plush − a 55-year-old South African brand.
Although the company’s roots lie in shoe and leather care products, over the last ten years it has successfully diversified its product offering into a range of home care and cleaning products that now make up the majority of its revenue.
Plush generates sales in excess of R200-million, and distributes its products through most of the major retailers in South Africa.