Billionaire Andrew Forrest is positioned for a potential takeover of BWX, as the struggling beauty group confronts the prospect of being forced to buy out celebrity Zoë Foster Blake’s skincare brand at a price that exceeds its own valuation.
Zoë Foster Blake, who sold 50.1 per cent of her Go-To Skin Care business to BWX last year for $89 million, may be the only person to emerge unscathed from its recent turmoil.Tattarang will get a seat on the company’s board. But chief investment officer John Hartman would not be drawn on any further plans the fund has for BWX.
BWX chief executive Rory Gration told investors last week that Foster Blake’s option to sell the remaining 49.9 per cent of Go-To to BWX was one of the crucial reasons for the drastic restructuring plan.