Groupe Rocher has bought a controlling interest in Israeli cosmetics firm Sabon, according to a report published by Globes. The French company is said to have invested an estimated NIS500 million for a 51 percent stake, although financial terms of the deal were not disclosed.
The privately owned Israeli firm is known for its bath, body and grooming products and enjoys a strong presence in its home country and abroad, particularly in Japan and the US, with 175 stores worldwide.
Founders Sigal Kotler-Levy and Avi Piatok will remain at the helm and continue to hold substantial stakes in the company. Groupe Rocher is expected to stage a total buy-out in the future.
“Buying the controlling stake in Sabon matches our international growth aspirations. Our extensive knowledge in the company’s different fields of operation, together with strong cooperation with Sabon’s staff, will help both the company and Groupe Rocher to grow worldwide,” Groupe Rocher CEO Bris Rocher told Globes.