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BWX Limited to Acquire Majority Stake in Australian Start-Up Go-To

October 18, 2021 BeautyMatter
October 18, 2021

BWX Limited—a "House of Natural Brands"—has agreed to acquire a 50.1% interest in Go-To, one of Australia's leading omnichannel skincare brands, for approximately $65 million (AUD$89 million).

WHO: Go-To was founded by former Australian beauty editor and author Zoë Foster Blake in 2014 with co-founders Stefan Drury, Peter Lehrke, and Paul Bates to disrupt the skincare industry by simplifying skincare. The brand has extended into the men's category with Bro-To and skincare for kids with Gro-To.

Australian BWX Limited is a developer, manufacturer, distributor, and marketer of branded skincare and haircare products, emphasizing the natural segment of the beauty and personal care market. The company is a leader in beauty and wellness business with a portfolio of six brands, including Sukin, Andalou Naturals, USPA, Mineral Fusion, Flora & Fauna, Nourished Life.

WHY: This investment supports BWX's expansion into the masstige subcategory of the premium skincare market and is complementary to its existing natural portfolio. The deal will enable Go-To to expand internationally.

IN THEIR OWN WORDS: Group CEO and Managing Director of BWX, Dave Fenlon, said: "Zoë is a proven brand-builder and innovator. We are really excited to be partnering with her and the entire Go-To team to continue growing this business and increasing its availability to consumers worldwide. Go-To is an authentic brand with an exceptionally loyal customer following, omni-channel offering and exciting growth outlook.”

Go-To founder and Chief Creative Officer Zoë Foster Blake commented, "We are delighted to be partnering with BWX for the next stage of Go-To's journey. Two Australian beauty companies coming together to cement Australia's reputation as a leader in skin care is very exciting. When we embarked on this process, we wanted a compatible, like-minded partner who was culturally aligned, shared our values on sustainability, inclusivity and quality, really 'got' our brands, and who could assist us in unlocking Go-To's international potential. BWX immediately made sense. They live and breathe skin care, and have a proven track record globally. BWX respects the unique POD Go-To offers customers, and has the infrastructure, experience, and people to help us achieve our vision. Our premium offering will complement their existing brand portfolio, and BWX's capabilities and commitment to accelerating our growth both internationally and domestically means we will fulfil our purpose of looking after more people's skin, more of the time."


  • The deal to acquire a 50.1% stake in Go-To Skincare represents an enterprise value to EBITDA multiple of 14.9 times 2021 earnings.
  • The business generated $26.2 million (AUD$36.8 million) of revenue and $8.5 million (AUD$11.6 million) in EBITDA in the last financial year. The pandemic boosted Go-To's revenue with 60% of its sales direct to consumer.
  • Go-To has four of the top 10 best-selling products at Mecca with products such as Face Hero and Skin Party.
  • Blake's near 40% stake in the brand will drop to about 23%, estimated to be valued at about $29 million (AUD$40 million) post-deal and based on the group's valuation of $128.4 million (AUD$177 million).
  • Go-To's existing management team will remain. Zoë Foster Blake will retain a strategic interest in Go-To and will remain Chief Creative Officer and a Director of the Go-To board. The business will continue to be led by CEO Brad Dansfield, Chief Marketing Officer Leonie Faddy, and Head of Product Nathan Healy.
  • The business will continue to operate independently from its headquarters in Sydney, leveraging support from BWX in areas such as raw materials and packaging procurement, international distribution, and other areas.

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