Ecoya — home fragrance, candles, bodycare brand
Standalone CGU within Trilogy International group; NZ + Australia operations
Portfolio rationalisation
Parent
TIL NZ Rose Holdings Ltd → TS Capital Rose Investment (Hong Kong) → CITIC Capital
Sector
Manufacturing/Retail
Business type
Fragrance & candle brand
Business model
B2B & B2C
Location
Auckland HQ + Australian sales arm (Ecoya Pty Limited); US arm dissolved FY25
FY end
31 March 2025
The signal
CITIC Capital portfolio company operating under a material-uncertainty going-concern qualification. Its Bank of China Facility A expired 17 January 2025 and the extension was still unsigned at FS sign-off (8 December 2025), with no banking covenants in place at balance date. The group is being kept afloat by an interest-free, subordinated NZ$96.17m shareholder loan, and management's going-concern action plan explicitly lists pursuing the sale of parts of the group.
Financial snapshot
| FY24 | FY25 | |
|---|---|---|
| Revenue | 62.25 | 59.34 |
| EBIT (continuing ops) | (6.50) | (21.34) |
| Impairment (intangibles/goodwill) | (3.60) | (13.84) |
| Net loss (incl. discontinued) | (10.05) | (29.11) |
| Bank of China loans (current) | 35.85 | 11.81 |
| Shareholder loan (0%, subordinated) | 96.17 | 96.17 |
| Net assets | (44.51) | (74.33) |
General information
| Banker | Bank of China |
| Auditor | Baker Tilly Staples Rodway (Auckland) |
| FY end | 31 March 2025 |
| Currency | NZ$ millions |
FS verbatim
"Pursue potential sale opportunities of parts of the Group business."
FY25 FS p.12 — Note 1(b) Going concern, management action plan
Key points
- CITIC Capital portfolio company; ultimate parent chain runs through TS Capital Rose Investment (Hong Kong)
- The NZ$96.17m shareholder loan is interest-free (0%) and subordinated to the Bank of China term loans — the sponsor is funding the group
- No banking covenants were in place at 31 March 2025 while Facility A's extension was unsigned
- Trilogy Natural Products CGU written down (goodwill + brand) — carrying value down ~47% YoY to NZ$15.5m; Ecoya's own CGU goodwill cut to NZ$58k
- Going-concern action plan explicitly lists pursuing the sale of parts of the group — the divest trigger
Timeline
- 13 Apr 2018Bank of China multi-tranche facility (NZ$96m limit) opened to fund the Trilogy International acquisition.
- 30 Sep 2023CS Company Limited divested — NZ$40.4m proceeds vs $44.9m net assets ($4.45m loss on sale).
- 17 Jan 2025Bank of China Facility A expiry (latest of four amendments); renewal still under negotiation.
- 31 Mar 2025Lanocorp Group divested — NZ$35m proceeds vs $43.2m net assets ($9.36m loss); $23.5m repaid BoC Facilities B/C/D, leaving Facility A (~$11.8m) the only live tranche.
- FY25Ecoya USA Incorporated dissolved.
- 8 Dec 2025FS signed — Facility A extension still incomplete; shareholder letter of support provided for 12 months.