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Wellness and Beauty Solutions to buy beauty products distributor True Solutions

Australia's Wellness and Beauty Solutions Ltd. said Aug. 29 that it will acquire Sydney-based skincare and beauty distributor True Solutions International Pty. Ltd. to expand its network of cosmetic clinics, spas and beauty salons.

Wellness and Beauty Solutions did not disclose the purchase price, but said it will fund the transaction through the issuance of 10 million convertible notes at 5 Australian cents each for a total issue price of A$500,000. The notes will mature on July 31, 2022.

The company added that the purchase also includes approximately A$1.5 million in stock held on consignment.

The debt issuance is subject to the approval of Wellness and Beauty Solutions' noteholders. If the company fails to secure approval, it will fund the transaction in cash via a capital raise.

Wellness and Beauty Solutions, which operates noninvasive and nonsurgical cosmetic treatments in Australia, said it expects the acquisition of True Solutions to enhance the company's product portfolio. True Solutions distributes cosmeceutical skincare and makeup brands, as well as medi-spa technologies to more than 1,000 aesthetic clinics, beauty salons and spas across Australia and New Zealand.

True Solutions is expected to add A$6 million in annual revenue to Wellness and Beauty Solutions if the deal proceeds, according to the release.

Upon completion of the transaction, True Solutions founder Mandy Gray will join Wellness and Beauty Solutions in a key advisory role.