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Melbourne-based teeth whitening brand Mr. Bright has been acquired by listed health and wellness company Wellnex Life (ASX: WNX) for $1.5 million, diversifying the ASX-listed entity’s growing portfolio further.
Under the deal, Wellnex Life has acquired Mr. Bright for in exchange for ordinary shares, 50 per cent of which will be voluntary escrowed for 12 months from issue, and the remainder escrowed for 24 months from issue.
Founded in 2016 by the 2018 winner of the Melbourne Young Entrepreneur Award in the Manufacturing, Wholesale and Distribution category Hamish Buckley, Mr. Bright is a teeth whitening brand that offers a range of premium take-home solutions.
Wellnex says Mr. Bright has seen strong year on year growth and has an EBITDA margin of approximately 20 per cent, which is anticipated to increase post-acquisition. The company achieved annualised revenue of $4 million in FY22, and recently secured ranging in Chemist Warehouse New Zealand.
Mr. Bright has distribution channels in the USA and UK, as well as online sales channels. Wellnex says the brand has “poor penetration” in Australia, and hopes that its relationships will expand domestic distribution channels, significantly increasing revenue and profitability.
Wellnex Life CEO George Karafotias says the acquisition will give the company a stake in the growing teeth whitening market, expected to be worth US$8.2 billion by 2027.
“Wellnex is overjoyed to be adding to our diversified portfolio with the acquisition of premium teeth whitening brand, Mr. Bright,” Karafotias said.
“We expect to increase the brand value for Mr. Bright and grow revenue, margins and profitability for the wider Wellnex group.
“The acquisition supports Wellnex’s objective of delivering innovative and quality brands and products into the fast-growing health and wellness market to meet consumer’s changing preferences.”
Mr. Bright will join Wellnex’s diverse portfolio of health and wellness brands, which includes iron gummy maker The Iron Company, organic milk brand uganic, pain relief company Liquigesic and more.
Buckley, who is also the co-founder of hair-care brand Growth Bomb, told Business News Australia that he was excited by the acquisition, and will continue to work in a consultancy role at Mr. Bright alongside the Wellnex team.
“I still see a lot of opportunity for the brand to continue to grow, especially in USA,” Buckley said.
“Wellnex are a local group who have shown interest over a period and eventually we all decided to partner with them as they were the standout throughout the process.
“They have a lot of experience with owning/operating brands and have an excellent team of people who I am looking forward to partnering with.”
Shares in WNX are up 7.32 per cent to $0.09 per share at 10.41am AEST.
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