Revlon to acquire The Colomer Group

Beauty care products company Revlon said in an announcement that Revlon Consumer Products, its wholly owned subsidiary, has inked an agreement to acquire The Colomer Group (TCG), a beauty care company focused on the professional salon channel, for $660m.

Expected to close in the fourth quarter of 2013, the acquisition is subject to certain customary conditions and regulatory approvals.

Revlon is expecting to fund the acquisition using funds underwritten by Citigroup Global Markets pursuant to commitments entered into contemporaneously with the purchase agreement.

TCG will complement Revlon, as it markets and sells professional products to salons and other professional channels under brands such as Revlon Professional hair care.

About 50% of TCG’s sales are in Europe, Middle East and Africa, with 40% in the U.S., and the balance in the rest of the world.

With the funds advised by CVC Capital Partners, TCG will be acquired.

Revlon president and chief executive officer, Alan T. Ennis said this acquisition is a major strategic step forward for Revlon which complements its core business, expands its distribution into new channels, and provides 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," said Ennis.

TCG CEO Lorenzo Delpani said, "I am delighted that we are joining the Revlon family. My leadership team and the entire Colomer organization are very proud of our accomplishments in building our business, and we look forward to working with Revlon and continuing the positive momentum of our company."