MinterEllison has advised BWX Limited (ASX:BWX) (BWX) on its acquisition of a 50.1% interest in Go-To Enterprise Holdings Pty Ltd (Go-To) for approximately A$89m. The acquisition price values Go-To on a 100% enterprise value basis at A$177m.

Go-To is an Australian skin care provider founded by Zoë Foster Blake. It will remain an independently operated, standalone, founder-led brand, leveraging BWX's expertise and capabilities in certain areas.

The transaction was undertaken by way of share acquisition, with each of the four founding shareholders selling down part of their existing interests to BWX.

The purchase price will be funded through a combination of an A$85m (approximate) fully underwritten institutional placement by Macquarie Capital (Australia) Limited and Bell Potter Securities Limited and a A$15m (approximate) share purchase plan.

"We have worked with BWX since it was a start up. We're delighted to support BWX on this important acquisition, which expands its presence in the wellness industry," said MinterEllison partner Nick Broome.

"It was a complicated transaction, bringing together our team across multiple disciplines – and we're pleased to help BWX achieve such a great outcome and a positive partnership with Go-To," added MinterEllison partner Sudharshan Senathirajah.

BWX commented that Zoë is a proven brand-builder and innovator and that it was really excited to be partnering with her and the entire Go-To team to continue to grow the business and increase its availability to consumers worldwide.

The MinterEllison team was led by Nick Broome on the acquisition of Go-To and Sudharshan Senathirajah on the capital raising, with support from Stephen Clarke, Philippa Symon, Alexander Persano, Arman Saffar, China Waters and Hanh Vi Nguyen.

The team was supported by other specialists in tax, commercial and regulatory, employment and disputes.

Completion (subject to the satisfaction of various conditions) is expected to occur on 30 September 2021.