Walgreens Boots announces acquisition of Liz Earle
Walgreens Boots Alliance, the American pharmacy giant that last year bought British high street chemist Alliance Boots, has acquired another UK brand.
Avon Products, Inc. announced on Thursday that it has divested Liz Earle, its wholly-owned, UK-based natural skincare brand, selling the business for £140 million in an all-cash transaction.
Avon acquired the British skincare brand, founded in 1995 and perhaps best known for its cult hot cloth cleanser, in March 2010 and has since managed the brand as a standalone business from the core direct-selling business.
In 2014, Liz Earle represented approximately 1% of the company's consolidated revenue and adjusted operating profit, or approximately 3% of its Europe, Middle East & Africa reporting segment's revenue and adjusted operating profit.
Walgreens Boots Alliance just raised its full-year outlook and reported a stronger-than-expected quarterly profit for the third straight quarter.
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