Godrej acquire majority stake in African hair-care firm Darling Group
01 Jun 2011
Continuing with a series of acquisitions, personal care products company, Godrej Consumer Products Limited (GCPL) today acquired a 51-per cent stake in African hair-care company Darling Group Holdings, its fourth acquisition in the African subcontinent since the past four years.
GCPL will buy the whole of Darling Group in three stages geographically. The first phase will be completed in two - three months and the final stage in the next 3-5 years.
Founded in 1982, Nigeria-based Darling Group is one of the largest hair care company in Africa. It manufactures and distributes the full range of hair extension products including braids, weave-ons, ponytails, wigs and human hair products. The company has an extensive distribution network.
Darling Group's brands 'Darling' and 'Amigos' are market leaders in almost all of the 14 African countries that the Group operates in.
The acquisition catapults GCPL to being a leading player in hair care across sub-Saharan Africa, building on the existing strong market share positions that GCPL currently has in hair colours in more than 14 sub-Saharan African countries through its Inecto brand.
GPCL said that with a population of 1 billion plus and expected GDP growth rates of over 6 per cent in the next 10 years, Africa represents the next frontier of consumption growth outside the BRICs and Indonesia.
