NEW YORK — Coty Inc. is throwing in the towel when it comes to the mass market specialty bath business.
The beauty firm plans to sell The Healing Garden and Calgon brands to Ascendia Brands Inc, a Hamilton, N.J.-based health and beauty products company formerly known as Lander.
The closing price will be $125 million. Ascendia anticipates that the acquisition will nearly doubling its annual revenue to approximately $200 million.
Bernd Beetz, chief executive officer of Coty Inc. said in statement, “While we respect these brands and their contribution to our success, Coty constantly reviews its portfolio mix, and the strategic fit of its brands, emphasizing global versus local brands, especially in the fragrances and cosmetics businesses. Hence, Coty will continue to acquire and selectively divest brands in accordance with our overall business strategy.”
For more, see tomorrow coverage in WWD.