Apple retailer Epicentre Holdings has acquired a controlling interest in Japan IPL Holdings, which runs the beauty salon chain Japan IPL Express.

Epicentre says the S$3.06 million (US$2.1 million) transaction will be satisfied entirely through the allotment and issuance of 20.4 million new ordinary shares to three of Japan IPL’s shareholders, Lim Ze-Tian, Jonathan Lim Zheng Jie and Chan Lai Choo.

The transaction represents a diversification of its business, says Epicentre, with Japan IPL being profitable and able to provide consistent returns. Japan IPL’s earnings for its latest second half, ended December 31, stand at $468,000, with its net asset value being $499,000.

Japan IPL mainly offers hair removal and skin rejuvenation using intense pulsed light (IPL) technology, and has seven outlets across Singapore.