The transaction may be finalized by the end of 2013
The U.S. multinational Revlon announced that it has reached an agreement to acquire the Spanish company, The Colomer Group, specializing in hair and beauty products, for 490 million euros – or about 660 million dollars – in cash.
“This acquisition is a logical and significant step forward by Revlon, as it complements our core business, expands our distribution to new channels, and provides significant cost synergies,” stressed Alan Ennis, the president and CEO of Revlon. “The Colomer Group’s presence in the hairdressing sector, where Revlon is not present, expands our product offering and allow us to reach new consumers,” remarked the American cosmetics giant said in a statement signed by Alan Ennis.
The Colomer Group markets hair and beauty products under multiple brands, including Revlon Professional (licensed by the U.S. company), Orofluido, UniqOne, Creative Nail, and American Crew, including professional salon brands, and Natural Honey, Floyd or Llongueras, among FMCG brands. About 50% of the sales of the Spanish firm, which is headquartered in Barcelona, come from Europe, the Middle East and Africa, 40% in the U.S. and the final 10% in the rest of the world.
The acquisition was intended to recover the former Revlon Professional Products segment for hairdressers, which was sold in 2000 to Colomer and CVC Capital Partners, owners of The Colomer Group for more than a decade
The transaction, which may be completed in the fourth quarter of 2013, is subject to certain conditions and the approval of regulators, indicated Revlon.
