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Revlon wraps up acquisition of The Colomer Group
October 9th, 2013
NEW YORK – Revlon Inc. has closed its deal to acquire The Colomer Group (TCG), a specialist in the professional salon beauty care channel.
Revlon said Wednesday that the $665 million cash transaction, announced in early August, includes the Revlon Professional business and reflects purchase price adjustments under the acquisition agreement.
With about $500 million in annual net sales, TCG markets and sells professional products mainly to salons and other professional channels not currently served by Revlon.
Besides Revlon Professional hair care, brands that Revlon is acquiring in the deal include Intercosmo, Orofluido, and UniqOne hair care; CND nail polishes and enhancements, including the successful Shellac innovation; and American Crew men's grooming range. TCG also sells some brands directly into retail channels, including Natural Honey body lotions and Llongueras hair care, and operates a multicultural hair care business under the Crème of Nature brand.
Revlon noted that the deal expands its geographic presence. About half 50% of the acquired businesses' net sales are in Europe, Middle East and Africa, and approximately 40% are in the United States.
"We are excited about the acquisition of TCG, which provides Revlon with broad-brand, geographic and channel diversification," stated David Kennedy, who was appointed interim chief executive officer at Revlon last week. "The acquisition substantially expands our business, providing distribution into new channels and meaningful cost synergy opportunities. In addition, it offers opportunities for profitable growth by leveraging our enhanced innovation capability and know-how."