Sally Beauty Holdings Inc. said Thursday it has acquired Belgian beauty distributor Sinelco Group NV in a cash deal worth 25.5 million euros, or about $37.1 million at current exchange.
The wholesaler supplies sundries, accessories, basic salon goods and electrical products to 1,500 customers in 35 countries, Sally Beauty said.
Chad Selvidge, vice president of the Denton, Tex.-based firm, said Sally Beauty expects the acquisition to accelerate its growth abroad.
“The addition of Sinelco, which sources many of its products in Asia, will provide us with the opportunity to sell to distributors of professional products in many countries in which we lack a physical presence,” Selvidge said.
The distributor is based in Ronse, Belgium, and has sales offices in France and Italy.
Investors weren’t impressed as shares of Sally Beauty fell 5 cents, or 0.65 percent, to close at $7.62 in trading Thursday on the New York Stock Exchange.