(MENAFN) US cosmetics firm Revlon has agreed to acquire Colomer Group for about USD660 million, as it seeks to expan its reach to new salon customers, AP reported.
The transaction reunites Revlon with its former professional products division, which the beauty products company sold to CVC Capital Partners in 2000 for about USD315 million. The private equity firm is still Colomer's owner and is selling it to Revlon.
The company is also looking to strengthen its sales outside the US.
Revlon CEO Alan Ennis said that Colomer's presence in the professional salon channel will expand Revlon's product offering and enable it to reach new consumers in and out of the US, adding that the deal could provide "meaningful" cost savings.
Spain's Colomer markets products under brands such as Revlon Professional hair care, which it currently licenses from Revlon Inc. It also sells shampoos, conditioners and other hair products to consumers under the Creme of Nature brand and also sells nail polish and body lotions. About half its sales are in Europe, the Middle East and Africa, while 40 percent come from the US.
Revlon sells Revlon and Almay makeup, Revlon ColorSilk hair dye and other beauty products.
The purchase is expected to close in the last three months of 2013 and add to Revlon's earnings in the first year after it's complete.
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