Wipro Consumer Care & Lighting (WCCL), part of the billionaire Azim Premji-led Wipro Group, has struck a fresh bet in the consumer goods category after a hiatus of almost three years.
The company, as per a press statement, has acquired Splash Corporation, known to be the largest personal care company in the Philippines, for an undisclosed sum. The acquisition will enable WCCL to build its own brands in the Philippines by leveraging Splash’s distribution strength across market segments.
The company has built iconic brands, namely SkinWhite (body lotions), Maxi-peel (exfoliant) and Vitress (hair conditioner).
“Splash gives us a market leading position in the Philippines, which is one of the strong economies in the region and a formidable personal care market,” said Vineet Agrawal, chief executive at WCCL.
Splash brands also have a strong presence in multiple international markets like Indonesia, Vietnam, Hong Kong, the Middle East and Nigeria. The Splash Corporation has recorded revenues of $80 million (Rs 558 crore) in the financial year 2017-18.
“This gives us immediate access to resources and markets that will help us fuel faster and enable us to unlock the true potential of our brands,” said Rolando B Hortaleza, CEO and founder of Splash Corporation.
WCCL has made a number of overseas acquisitions in the past. It last sealed an inorganic bet in 2016 when it bought Chinese fast-moving consumer goods (FMCG) company Zhongshan Ma Er Daily Products Ltd, in an all-cash deal.
Its first acquisition was in 2003, when it bought Glucovita, a glucose brand, from Hindustan Unilever. In subsequent years, it added Chandrika (2004), Unza (2007), Yardley - Middle East, North Africa and Australasia (2009), Yardley UK (2012), and LD Waxsons Group (2012) to its portfolio.