A BASINSTOKE company has been acquired for more than £36 million by a Manchester-based business, in its first takeover in eight years.

PZ Cussons PLC, the maker of Carex soap and Original Source shower gel, has acquired baby and child personal care brand Childs Farm for £36.8 million in cash.

The personal and home care and beauty products firm will hold a 92 per cent interest in Childs Farm, as the founder Joanna Jensen has made an investment into the subsidiary PZ Cussons Acquisition Co Ltd which completed the acquisition.

Mrs Jensen founded Childs Farm in 2010 to create products that would treat her daughters’ sensitive skin.

The company that makes toiletries for children, babies and newborns using naturally derived ingredients which are specially formulated.

It has grown massively since then, with products now sold internationally and the lines in stores such as Boots.

The group and Mrs Jensen have agreed that PZ Cussons will take up full ownership by the end of May 2025, by purchasing Jensen's shareholding in two equal tranches by the end of May 2024 and May 2025.

The price will be based on a 6.6per cent multiple of the lower of actual gross profit from Childs Farm and its forecast gross profit, and will be capped at £32.5 million.

PZ Cussons said the acquisition of Childs Farm will be complementary to its strategic focus for its core categories of Baby and Hygiene.

Chief executive officer Jonathan Myers said: "The foundations of our new strategy 'Building Brands for life, Today and for future generations' are firmly in place and are delivering results. As we transition from turnaround to transformation, we are delighted to take this important step to accelerate growth in our core categories and priority markets."

Shares in PZ Cussons were up 0.6 per cent at 191.80 pence each on Monday morning in London.