Australian leakproof apparel pioneer Modibodi has been bought by Swedish hygiene and health company Essity in a deal worth $140M.
Essity, which owns the Tena brand of disposable incontinence products, says the acquisition will strengthen its position in the leakproof apparel market which it describes as the fastest-growing segment in the intimate hygiene category.
“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,” said Magnus Groth, President and CEO at Essity.
Modibodi was founded by its CEO Kristy Chong nine years ago and has a strong market presence in Australia, New Zealand and the UK. Last year’s sales were around $56.7M, representing on-year growth of 18 per cent. EBITDA was $5.6M.
In a statement issued by Essity, Chong said that as a global leader in hygiene and health, the Swedish company “can provide the expertise and capital to take the brand forward during its next phase of growth, and achieve even greater impact”.
