Alberto-Culver Co. has agreed to acquire U.K.-based skin care firm Simple Health & Beauty Ltd. for 240 million pounds or about $390.1 million at current exchange.

The Melrose Park, Ill.-based beauty firm said Monday that it expects to close the sale by the end of the month and will pay for it “substantially through existing cash.”

“This transaction reaffirms our overall focus on beauty care while moving us an important step forward in executing our strategy of expanding and strengthening our skin care portfolio,” said V. James Marino, Alberto-Culver president and chief executive officer.

Equity firm Duke Street currently owns Simple Health & Beauty. The skin care company will record estimated net sales of 65 million pounds, or $105.7 million, in 2009, according to Alberto-Culver.

For complete coverage, see Tuesday’s WWD.