Zoë Foster Blake,who sold 50.1 per cent of her Go-To Skin Care business to BWX last year for $89 million,may be the only person to emerge unscathed from its recent turmoil.

Zoë Foster Blake,who sold 50.1 per cent of her Go-To Skin Care business to BWX last year for $89 million,may be the only person to emerge unscathed from its recent turmoil.Credit:Kristoffer Paulsen

Tattarang will get a seat on the company’s board. But chief investment officer John Hartman would not be drawn on any further plans the fund has for BWX.

“BWX is a long-term investment for Tattarang and we’re proud to support a growing Australian company,that manufactures here in Australia,” he said.

Entrepreneur and author Foster Blakemade headlines last year when BWX - the company behind consumer skincare brands like Sukin - agreed to acquire 51.1 per cent of her business Go To for $89.9 million.

The deal included an option to sell the remainder of the business to BWX as early as September 2024. The value of the option is recorded in BWX’s accounts at $93 million,but the sale price depends on a valuation of the Go-To business at that time. BWX rose 16 per cent to close at 78¢ on Wednesday,giving it a market value of $143 million.

BWX chief executive Rory Gration told investors last week that Foster Blake’s option to sell the remaining 49.9 per cent of Go-To to BWX was one of the crucial reasons for the drastic restructuring plan.

“That’s a critical reason to get net debt down as soon as possible,” Gration said. “We can’t just ignore it and deal with it in two years time.”

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BWX raised $85 million selling shares at $4.85 each in August last year to fund the initial acquisition of Go To.

BWX shares dived more than 40 per cent last week after it announced a deeply discounted capital raising at just 60¢ a share and admitted that challenging retail conditions meant it had to reduce debt and change its business practices.

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Tattarang got crunched by the raising having bought a 16.9 per cent stake in BWX for $30 million - or $1.10 a share - just weeks earlier.

Macquarie cut its valuation of BWX from $2.20 a share to just 70¢ after the announcement,and valued the entire Go-To business at less than half the valuation BWX paid less than a year ago.

Go-To garnered a devoted customer base through savvy use of Foster Blake’s extensive social media following,with the brand amassing more than 1 million followers.

Foster Blake was not available for comment on the recent BWX tumult.

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