Deb Group Ltd has reached an agreement with Evonik Industries to acquire the Stoko Professional Skin Care business.
Bryan Anderson, CEO of Deb, said: “It has been a longstanding ambition of Deb's to join forces with Stoko. We want to create the world's most comprehensive and effective skincare product range for the workplace drawing on the significant innovation portfolio within both companies. This, in concert with vital information provided by Deb's unique compliance monitoring technology, will fundamentally alter and improve standards of skincare behaviour.”
Patrik Wohlhauser, a member of the Evonik executive board, said: “Evonik continues to direct its portfolio toward high-margin specialty chemicals businesses. While Stoko Professional Skin Care enjoys an excellent reputation on the market, its business model differs from that of Evonik today. As such, we have decided on a buyer that can best realize the growth potential of the business, we believe that Deb will be a good home for Stoko and its people.”
The transaction is subject to regulatory and Evonik's supervisory board approvals and clearances and is expected to complete within the next few months.