An interesting company with a very articulate and interesting CEO (and good interview Simon!). My 5c: - "Health" descriptor is a bit strong as fertilizer, pet toys/foods/accessories, insect killer and pills/vitamins(mostly unregulated) are not really all "health" related. Very little natural synergy. - The Marlton (pet) side will be very difficult longer term as the 100's of SKU's (if not several 100/1000 SKU's)will be mostly niche and difficult to manage in a "corporate" structure. Innovation in these categories (very niche) is expensive and the Revenue per item is low. Slow moving so formal trade will always be wanting to cut some SKU's. - The unregulated vitamin environment is looking over traded and also due for some serious regulation. The likes of Dischem are asserting serious and costly trading terms as there are so many suppliers. This will intensify. House brands gaining traction. - Fertilizer category has low loyalty and low barriers to entry. The likes of Massmart will own these "commodity" categories once they get their act together in 2-3 years. - Direct selling "looks" easy but is a nightmare for new players. Networks take years to set-up, costs high. Even Unilever gave up a few years ago. - Management looks strong so hopefully they make it work. Personally these "bundled" co's mostly turn out problematic in the longer term. Due to its multitude of products in various categories and sales outlets (pet shops/garden shops to Clicks) this is not a TIGER or an ASPEN in the making. ASPEN as a comparison exited some consumer products (such as Playboy deo) in order to focus better.