The Competition Tribunal has approved the R105 million acquisition of Sorbet by Clicks.<\/p>\n
The Competition Tribunal said that it approved the transaction subject to conditions relating to the advancement of black ownership across the Sorbet franchises, increasing local manufacturing of the Sorbet-branded goods and the training of Sorbet staff.<\/p>\n
Clicks said that the transaction is now unconditional, with it now holding 100% of the issued share capital of all Sorbet group entities – including the group’s 25% investment into Sorbet Brands in 2015.<\/p>\n
\u201cSorbet complements the Clicks’ proven health and beauty strategy and we aim to capitalise on opportunities to expand the business together with Sorbet\u2019s strong and entrepreneurial management team,” Bertina Engelbrecht, CEO of the Clicks, said:<\/p>\n
“Sorbet products are sold in the Clicks chain and the brand is highly trusted with a growing customer base. We plan to retain the successful Sorbet franchise model as we are committed to the growth and empowerment of small, independent business ownership.\u201d<\/p>\n
\u201cThrough our partnership relationship with Clicks Group over the past 12 years we have developed a shared vision for the business,” Linda Sinclair, CEO of the Sorbet Group, said.<\/p>\n
“Clicks, together with our franchise partners, has played an instrumental role in supporting the growth of Sorbet into becoming a leading professional beauty and grooming franchise brand in South Africa.”<\/p>\n
Clicks said that the transaction would not affect the employment status of any of Sorbet’s staff.<\/p>\n