18 INTERVIEW
TP: With more acquisitions? AE: I’m not saying no to new acquisitions. We are private-equity owned and clearly that is part of the game. Private equity is always ambitious. We actively seek opportunities
to build our organization through strategic partnerships and acquisition. We’ve done it once, and we continue to do it with our joint venture agreement in February with Botaneco, a Canadian technology company in the business of oleosomes. Oleosomes have a beautiful
green, natural platform with zero waste. The production is all mechanical, so while they take something from nature they do it without creating any waste whatsoever. It’s a very sustainable process and very sustainable product, and it fits perfectly in our portfolio. So our strategy and ambition
is not just about growing by acquisition, it is also about finding the right technologies that we know how to take into the cosmetics world and add to our product line.
TP: So, if you were looking for further companies to acquire what type of company might they be? AE: First of all, I would look to see if their DNA is similar to ours: science-first. Coming from the world of preservatives, we know
PERSONAL CARE June 2023
“We live pretty close to where we produce so I consider myself as a neighbour of our factory. I want to know how we are impacting the environment” Naama Eylon, CEO, Sharon Personal Care
that if it doesn’t work, it’s a recall. We have to deliver on all the claims, and we absolutely have to bring functionality. It’s who we are, we don’t know how to think differently. So, I would look for companies
that think exactly the same as we do, because that is part of our culture and we don’t want it to change. I want to diversify, but I want our culture to maintain at the heart of the business as it always has. Also, proven functionality is great
but it has to come with a framework - so we would look for companies who have manufacturing capabilities and capacities. Sustainable technologies are also
important. Not just natural, I mean sustainable. We cannot exist in this world without remembering that reducing emissions is our goal. You have to think about how you impact the environment. We are based in Ashdod, it’s very
close to the port for convenience. We live pretty close to where we produce so I consider myself as a neighbour of our factory. I want to know how we are impacting the environment. We raise our kids there.
So, I would look for companies with sustainable technologies. It doesn’t have to be necessarily all natural, but it has to be mindful of the impact. And, of course, we would look at advanced technologies that we don’t have yet.
TP: How long have you been owned by private equity? AE: Since 2017, by Tene Investment Funds. They are the third largest private equity company in Israel they are focused on Israeli companies working in the global marketplace.
TP: Private equity companies often like to add further companies to fatten the beast, so to speak. Do you think this means further acquisitions for Sharon? AE: Personal care is an M&A-driven industry. I’ve only been in this industry for eight years and sometimes it amazes me how much change there has been. Anything is possible. But I have to say, our private
equity is a very long-term player. Their involvement is really there
to help us make the jump. We couldn’t have done what we have just done without their help.
TP: Remind me about the history
of Sharon. AE: It was established in 1977 by a chemist, Dr. Danny Sommerfeld. He didn’t build it specifically for cosmetics, it was just built on chemistry. The family continued with the business and our chairman Assaf Burstein took the company global, and started relationships with L’Oréal, and Johnson & Johnson. Assaf understood where
the market was going and he developed our core chemistry based on that. He made Sharon a player in a global industry. It was still family owned until
2017 when Tene bought the majority of the shares. The family still owns part of the business. Res Pharma has a very similar
story in that it was also family owned with a dominant founder. When we acquired it he was already in his eighties. We’re talking about families taking care of their babies – their companies. That’s why I think there are a
lot of similarities between Sharon and Res Pharma. We know what it means when a family is exiting for the first time. We could really understand that change, and we knew what to expect going into that change. It was something that we felt comfortable doing.
PC
www.personalcaremagazine.com
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