Heritage Brands Limited entered into a conditional agreement to acquire Oswin Laboratories Pty Ltd for AUD 12.5 million on June 15, 2015. The consideration agreed to be paid for Oswin Laboratories is AUD 10 million plus the value of the net tangible assets on the balance sheet of Oswin Laboratories as at the completion date. Deferred consideration of AUD 2.46 million was paid during the half year period ended January 31, 2016 for the acquisition of Oswin Laboratories Pty Limited, in accordance with the terms of the acquisition agreement. The acquisition of Oswin Laboratories will add the Le Tan and Salon Tan brands to the existing Heritage Brands portfolio of Australis, Innoxa, Mode, Skin Republic, LAB², Nailene, Fing'rs, Revlon lashes and nails, Trim, In Essence, Oil Garden and Cottage Oil. AUD 5.85 million of the purchase price will be funded from the proceeds of rights issue. The transaction is expected to close on July 31, 2015. As of July 27, 2015, Heritage shareholders approved financial assistance proposed to be given by Oswin.

Heritage Brands Limited completed the acquisition of Oswin Laboratories Pty Ltd on July 31, 2015.