Partnership with GO-TO and Equity Raising Presentation
BWX GO-TO
Strategic rationale
Simple, trusted and
efficacious, omnichannel
skin care brand
Offers a 'fun', simple, trusted
and effective skin care offering
that enhances BWX's
omnichannel capability
Significant brand equity and
loyal consumer following
(>1m social media followers)
Genuine partnership and
strong cultural alignment
Go-To to operate
independently, led by Zoë
Foster Blake and supported by
a capable management team,
leveraging BWX's
complementary capabilities,
international distribution and
support in additional areas
where required
• Strong cultural alignment with
BWX (The Natural Beauty and
Wellness Company) as an
'authentic' brand, high level of
trust and credibility with
customers
No silicones, parabens, PEGS,
sulfates, GMOs, mineral oils,
petrolatum or synthetic
colours, cruelty-free (no
animal testing) and 100%
carbon neutral
Significant acceleration of
BWX's strategy and high
quality diversification
Enhances DTC channel
presence, underpinned by Go-
To's omnichannel capability
Expansion into the attractive
masstige sub-category of the
premium skincare market
Attractive and complementary
product portfolio with limited
cannibalisation of customers
and channels, with a strong
NPD pipeline
Enables acceleration of
international growth strategy
Attractive financial returns
for BWX shareholders
underpinned by
exceptional growth
Demonstrated track record of
profitable growth with an
impressive approximately 50%
Revenue and approximately
39% EBITDA¹ FY18A-FY21A
CAGR
• Expected to be mid-single digit
EPS² accretive on a FY21 pro-
forma basis (pre-synergies)
and double digit EPS accretive
on a FY21 pro-forma basis post
$3m of potential synergies in
the first full financial year of
the Partnership
Strong synergy potential
Identified $3m of potential
synergies in first full financial
year of the Partnership driven
by an improvement to COGS,
including raw material,
packaging and various
procurement benefits
Further opportunity to
accelerate international
growth and unlock scale
benefits leveraging BWX's e-
commerce capability to
accelerate e-commerce in new
markets outside of Australia,
specifically the US, UK and
Canada
STRICTLY CONFIDENTIAL
Notes: 1. EBITDA is presented on a post-AASB 16 basis and is normalised for a small number of one-off and non-recurring items. 2. Presented post-AASB 16, on an underlying basis for BWX. Before amortisation of acquired
intangibles, one-off implementation costs of synergies and one-off transaction costs. The impact of purchase price accounting has not been completed and which will impact future amortisation charges. The FY21 EPS
calculation excludes certain items recorded in BWX reported NPAT which are considered non recurring, such as the acquisition related benefit of $6.9m and other non recurring expenses. The impact of tax on these items has
not been included in the EPS calculations.
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