Wednesday 22nd May 2013
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Ecoya, which counts the Bakery Business LP as its biggest shareholder, has changed its name to Trilogy International as the skincare range it bought in 2010 dominates sales over its scented candle business and is seen as the driving force the company.
Revenue from the Trilogy brand accounted for about 60 percent of the company's $26.6 million in sales for the year ended March 31 and is forecast to remain a significant part of the business, it said in a statement.
"We believe that by changing our name to Trilogy, investors will better understand the direction of our business," chief executive Stephen Sinclair said. "Importantly, it supports the breadth of opportunities available to us in both the home fragrance market and the international skin care market."
Ecoya bought Trilogy in 2010 for some $19.2 million, with $10 million upfront and $9.2 million in cash and scrip based on earn-out targets.
Last month, the company said earnings before interest, tax, depreciation and amortisation were more than $1.1 million in the 2013 March year, and are expected to beat $2 million in 2014.
Business Bakery kept charge of the company when it appointed Stephen Sinclair as chief executive last year after Geoff Ross departed to lead boutique beer-maker Moa Group.
The Business Bakery is the investment vehicle for 42 Below Vodka founders Ross, Sinclair and Grant Baker, which they used to underwrite Ecoya's $10.1 million initial public offering in 2010. The firm has also taken a stake in financier and insurer Dorchester Pacific and floated Moa last year.
The shares were unchanged at 89 cents, having shed 10 percent this year.
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