Marico has acquired a South African hair styling brand Isoplus for around Rs 36 crore in an effort to complete its ethnic hair care portfolio in the country.

Marico is an Indian consumer goods company providing consumer products and services in the areas of Health and Beauty based in Mumbai.

Isoplus is one of the largest African-American owned companies that manufacture hair care products in South Africa. J.M. was founded in June 1995 by Ernest P. Joshua, Sr., an Arkansas (USA) native.

The brand of styling products such as oil sheens and gels has an annual sales of Rs 30 crore and is the market leader in the styling products with about 27% share. The acquisition is through Marico’s wholly owned step-down subsidiary and includes manufacturing facilities, working capital and all intellectual property rights from its original owners – JM Products and Mary L Harris.

“This bolt-on acquisition plugs a critical gap in Marico’s portfolio in the ethnic hair care space in South Africa,” Saugata Gupta, MD at Marico said in a statement.

At present, Marico has brands such as Caivil, Black Chic and Hercules in South African aftercare maintenance, chemical treatments and hair colour segments. For the maker of Parachute, South Africa accounts for nearly 7% of its international business that in turn contributes nearly a fourth of the overall revenue.

The comapny holds a number of brands including Kaya Limited, Parachute, Saffola, Hair&Care, Nihar, Mediker, Revive, Manjal, Livon, Set Wet, Zatak, Fiancee, HairCode, Eclipse, X-Men, Hercules, Caivil, Code 10 and Black Chic.

Marico acquires South African hair styling brand Isoplus