Homegrown supplement superstar Swisse has been sold for $1.67 billion to Hong Kong company Biostime International Holdings. News of the surprising sale was announced overnight, but the auction took place on Thursday.
Biostime beat out two Chinese corporations - Hony Capital and manufacturer Shanghai Pharma. While Swisse’s head office will remain in Melbourne’s Collingwood, 83 per cent of the company is now owned by Biostime.
The company’s sale would have by far bypassed the expectations of its founder, organic baker Kevin Ring, who created the brand in 1972. What began as a handmade vitamin table shop evolved into a supplement and skincare empire, with the brand now Australia’s biggest wellness company. The sale has made Ring’s son Stephen and his business partners, Radek Sali and Michael Saba, a fortune - with a net worth now at $250 million each.
The Ring family and management team are also expected to keep a 15 to 20 per cent stake in the company.
Stephen Ring said of the business decision: "I am incredibly proud to have been part of Swisse’s journey so far. The strength of the business is testament to the hard work, passion and energy of the entire Swisse team and I thank them for their ongoing commitment to the business. I would particularly like to thank the executive team; our CEO, Radek Sali, for his vision and marketing implementation of our values; executive chairman, Trevor O’Hoy, for his financial experience and guidance in maximising our potential; and my long-term business partner, former CEO and architect of the Swisse culture, Michael Saba."
He added he has faith Biostime will uphold the values important to Swisse: “In Biostime, we recognised a business with many of the same values that have been, and remain, fundamental to Swisse. As partners, I am confident that we can achieve great things as we seek to become the leading global wellness brand."
