Marico bolsters health & wellness portfolio with acquisition of “The Plant Fix- Plix”

BEAUTY

ACQUISITION NATIONAL

MUMBAI, MAHARASHTRA, INDIA

By IFAB MEDIA - NEWS BUREAU - July 28, 2023 | 135 3 minutes read

FMCG major Marico has taken a significant step in expanding its presence in the health and wellness sector by acquiring up to 58% stake in Satiya Nutraceuticals Private Limited, the owner of the digital-first nutrition brand "The Plant Fix- Plix".

FMCG major Marico has announced that it has signed definitive agreements to acquire up to 58 percent in Satiya Nutraceuticals Private Limited, a company that owns the brand “The Plant Fix- Plix” in a cash deal for Rs 369.01 crore.

As part of the transaction, the company has acquired 32.75 percent stake in Satiya Nutraceuticals on a fully diluted basis and requisite majority control over its Board composition/total voting rights on July 26, 2023, and accordingly it has become a subsidiary of the Company, Marico said in a stock exchange disclosure.

Marico will acquire the remaining stake of 25.25 percent on a fully diluted basis in tranches by May 2025.

Co-founded by Rishubh Satiya and Akash Zaveri, Satiya Nutraceuticals Private Limited owns “The Plant Fix- Plix”, a digital-first, clean label, plant-based nutrition brand.

Marico said that the transaction will further expand Marico’s total addressable market in the value-added foods and nutrition segments as well as its presence in the rapidly growing Health & Wellness category.

"In line with our strategy to accelerate our diversification journey, the investment in Plix not only expands our total addressable market in value-added wellness foods and nutrition segments, but also brings another digital-first brand with a distinct value proposition into our fold. We are confident that the innovative range of plant-based products, combined with robust fundamentals, will propel the brand towards expanding its footprint in chosen product categories and marketplaces," Saugata Gupta, MD and CEO, Marico Limited, said in a statement.

Founded in 2018, 'Plix' has a portfolio of non-GMO, vegan, gluten-free and cruelty-free offerings, with a product range spanning across weight management, hair & beauty, sleep and lifestyle nutrition categories.

Currently available as a D2C brand and on third-party e-commerce marketplaces, it plans to ramp up its offline presence over the next few years.

Rishubh Satiya & Akash Zaveri, Co-founders of Plix said, "In partnership with Marico, we will prioritize strengthening the brand’s equity and expedite growth by expanding into new categories and channels. In addition to leveraging Marico’s core competencies, we foresee compelling synergies that align with our brand’s aspirations, thereby signifying a fruitful strategic partnership in the years ahead."