If approved by the Competition Commision, the transaction will result in Clicks holding 100% of all Sorbet group entities, including Sorbet brands, which Clicks has had a 25% stake in since 2015. Old Mutual Private Equity currently owns Sorbet, having acquired the business as part of the previously listed Long4Life group.
“Sorbet is a highly trusted brand with a loyal and growing customer base, and we aim to capitalise on the opportunities to expand our presence together and accelerate revenue growth,” she says. Jacci Myburgh, co-head of Old Mutual Private Equity , says because Sorbet is below the size of investment that OMPE would typically hold, the intention was always to sell the business to an appropriate owner.
The effective date of acquisition will be the first day of the month following approval by the competition authorities.