Melbourne-based vitamin company Swisse sells for $1.67 billion

THE rise and rise of Melbourne-based vitamins and supplements maker Swisse has come full circle after it was snapped up by a Hong Kong-listed company for a healthy $1.67 billion.

21/11/2007 : Portrait of Ricky Ponting to go with article about his sponsorship with Swisse Vitamins.

THE rise and rise of Melbourne-based vitamins and supplements maker Swisse has come full circle after it was snapped up by a Hong Kong-listed company for a healthy $1.67 billion.

The brand known as much for its range as its promotional tie-ups with celebrities and sports stars including actor Nicole Kidman, MasterChef co-host George Calombaris, tennis champ Lleyton Hewitt and Test paceman Mitchell Johnson, now belongs to Chinese infant formula producer Biostime.

Nicole Kidman at the Swisse Celebrate Life Ball.

The Chinese group is understood to have won Swisse in a bidding auction from rivals including Chinese drug maker Shanghai Pharma and private equity firm Hony Capital.

Founded by herbal medicine enthusiast Kevin Ring in the 1960s, Swisse has seen its market share and demand for vitamins explode in the past few years in line with a growing consumer focus on health products.

The Ring family and the family of chief executive Radek Sali will retain about 20 per cent of the group once the deal is finalised, according to a person close to the deal.

Mr Sali has long been angling to deliver Swisse products to the Chinese market, while shoppers there are increasingly looking to trusted brands offshore.

Australian-listed vitamins producer Blackmores has paved the way for Swisse, last month becoming the nation’s latest $100 stock after it significantly boosted its online sales in Asia.

It closed on Thursday at a whopping $136.80 a share.