NEW YORK — Revlon Consumer Products Corp. has acquired The Colomer Group in an all-cash transaction for $660 million from private equity firm CVC Capital Partners.
This story first appeared in the August 6, 2013 issue of WWD. Subscribe Today.
The deal is expected to close in the fourth quarter. Revlon Consumer Products is a wholly-owned operating subsidiary of Revlon Inc.
The Colomer Group is a beauty-care company in the professional salon channel. It has been owned by CVC for the last 13 years. CVC was advised by Michel Dyens & Co., an investment banking firm focused primarily in the international beauty, luxury and premium-branded consumer goods sectors.
Revlon said it will finance the acquisition from funds underwritten by Citigroup Global Markets Inc.
Alan T. Ennis, Revlon’s president and chief executive officer, said, “This acquisition, which we expect to be accretive to cash flow and earnings in the first year, represents a significant and logical strategic step forward for Revlon as it complements our core business, expands our distribution into new channels, and provides meaningful cost synergy opportunities. TCG’s presence in the professional salon channel, which Revlon currently does not serve, will expand our product offering and enable us to reach new consumers. We plan to capitalize on TCG’s extensive geographic and channel distribution, and leverage our collective innovation capability and leadership as we seek to drive growth across our expanded portfolio of brands.”
Lorenzo Delpani, Colomer’s ceo, said, “[W]e look forward to working with Revlon and continuing the positive momentum of our company.”