NEW YORK -- Parlux Fragrances has concluded a deal to acquire the Fred Hayman stable of fragrance brands.
As reported, Parlux will manufacture and market Hayman's existing fragrances and will be responsible for launching any new Hayman scents.
The purchase price included approximately $11 million in cash and long- and short-term notes, the issuance of 500,000 shares of Parlux Fragrances common stock as well as an option to purchase an additional 100,000 shares.
Hayman, founder and chairman of Fred Hayman Beverly Hills, now owns approximately 15 percent of the common stock of Parlux.
The Hayman scents include 273 and 273 for Men, Touch, With Love and Fred Hayman's Personal Collection, a group sold in Hayman's North Rodeo Drive shop.
The acquisition is expected to double Parlux's wholesale volume to an estimated $50 million.
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