Revlon, Inc. REV today announced that its wholly owned operating
subsidiary, Revlon Consumer Products Corporation (“RCPC” and together with its
subsidiaries, the “Company”), has signed a definitive agreement to acquire all
of the stock of The Colomer Group (“TCG”), a privately-held beauty care
company focused on the professional salon channel. The acquisition is expected
to close in the fourth quarter of 2013, subject to certain customary
conditions and regulatory approvals, and the cash purchase price of $660
million is subject to certain adjustments through the closing date. Revlon
expects to finance the acquisition using funds underwritten by Citigroup
Global Markets Inc. pursuant to commitments entered into contemporaneously
with the purchase agreement.
TCG strategically complements Revlon, as it markets and sells professional
products to salons and other professional channels under brands such as Revlon
Professional hair care, which it currently licenses from the Company under a
long-term agreement; Creative Nail professional nail polish, including its
successful Shellac franchise; and American Crew men's haircare. TCG also sells
certain brands directly into retail channels, including Natural Honey body
lotions and Llongueras hair care, and operates a multi-cultural hair-care
business under the Crème of Nature brand. Approximately 50% of TCG's sales are
in Europe, Middle East and Africa, with 40% in the U.S., and the balance in
the rest of the world.
TCG is being acquired from Funds advised by CVC Capital Partners, which have
owned TCG for the last 13 years. Throughout that period, a successful
transformative program was implemented, with a focus on strengthening its core
brands and supporting continuous product innovation. TCG now constitutes a
global and additive platform for Revlon to expand its business.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in