As per a statement issued by the JSE Stock Exchange News Services (SENS) on 24 November 2022, Clicks Group is to acquire Sorbet Holdings for a cash consideration of R105 million.
The Sorbet Group consists of 190 franchise stores across South Africa under various brands – Sorbet Beauty Salon, Sorbet Nailbar, Sorbet Man, Sorbet Hairbar and Candi & Co.
Clicks, a pharmacy and beauty group with over 850 stores nationwide, previously acquired 25% of Sorbet back in 2015. It is buying Sorbet from Old Mutual Private Equity, who acquired the business in March 2022 as part of the previously listed Long4Life Group. Sorbet was founded in 2005 by Ian Fuhr, who sold it to Long4Life in 2017.
Sorbet Group will remain located in Johannesburg and the CEO, Linda Sinclair, will report to the Clicks Group CEO. All Sorbet employees will be transferred to Clicks.