Raphael Geminder’s Kin Group says it could take years to turn around underperforming consumer products company McPherson’s should its “utterly opportunistic” $172 million takeover offer secure a major stake or full control.

Mr Geminder’s unlisted investment company launched the unconditional on-market cash offer for McPherson’s on Thursday after quietly building up a 4.9 per cent stake over the last two months, paying between $1.17 and $1.335 a share.