Malaysian condom manufacturer Karex Berhad announced that it will acquire US-based TheyFit for US$1.3 million.
The Board of Directors of Karex announced that Karex Holdings Sdn Bhd, a wholly-owned subsidiary of Karex Berhad entered into an asset purchase agreement (APA) with TheyFit last January 26, 2016.
TheyFit was incorporated in 2009, with headquarters in Georgia, US. TheyFit owns the patents, trade names and trademarks for condoms manufactured, marketed and sold under the TheyFit brand in key markets such as United Kingdom and Europe.
As part of Karex Group own brand manufacturing (OBM) expansion plan, the acquisition shall enable Karex Group to complement and expand its existing OBM products family. Karex Group will also be able to market new custom fit condoms to US and global markets and further expand its market share.
Upon completion of the acquisition, TheyFit condom business shall be managed by Karex’s subsidiary in US, Global Protection Corp. (GP).