LONDON, UK: Samarkand Group plc, the cross-border eCommerce technology and consumer brand group, announced the acquisition of Napiers the Herbalists.
Founded in 1860, by the renowned herbalist Duncan Napier in Edinburgh, Napiers is an iconic Scottish brand which still operates from its original apothecary store in Bristo Place and its website Napiers.net. For more than 160 years Napiers has served the people of Edinburgh and beyond with its unique blend of herbal remedies, food supplements, skincare and wellness products. More recently the company has increased its appeal to consumers in Asian markets through its partnership with a large Korean skincare brand and its work with Samarkand as its distributor.
Samarkand has had a commercial relationship with Napiers for more than 3 years. The Group intends to expand Napiers products and services in its home market of the UK and internationally in China and beyond. The directors of Samarkand believe that Napiers is an attractive acquisition for the Group and will make use of Samarkand’s technology, supply chains and benefit from synergies between the previous wellness acquisitions of Probio7, Zita West Products and Baba West.
The combined assets of Napiers generated £1m of revenue in the year ended 31 March 2021 and an EBITDA of £0.24m on an unaudited basis.
Total consideration comprises:
- Initial consideration of £1.7m in cash on a net debt net cash basis;
- Deferred consideration of £0.1m in cash payable between 6 and 9 months after the completion date; and
- Contingent consideration of up to $0.7k payable upon certain events occurring post acquisition which will be settled either in cash or the issuance of new Ordinary Shares, at the discretion of Company
David Hampstead, Chief Executive Officer of Samarkand Group, commented: “We’ve worked with Napiers and their team for a number of years and have always been impressed by the consumer response to the company’s story and values. Napiers is a one of a kind truly authentic brand with significant potential. The acquisition signifies a clear execution of the Group’s strategy laid out at the time of listing. As we take on the responsibility of looking after Napiers for the next 160 years we are looking forward to bringing it to many more consumers in the UK and internationally.”
Monica Wilde, Managing Director of Napiers, commented: “I am delighted that Napiers has found a new home in a Group which can see the considerable prospects of this special brand. We are looking forward to working with the Samarkand team on the next chapter in Napiers history.”