New York-based cosmetics maker Revlon Inc has agreed to buy the Colomer Group – manufacturer and distributer of a broad line of leading salon and retail hair and nail care products – for about $660 million in cash from CVC Capital Partners in order to boost its offerings targeted at professional salon customers. The acquisition is expected to close in the fourth quarter.
In order to widen its product line for salon-focused businesses, Revlon has been introducing new products and buying brands as sales in some of its larger lines remain sluggish. The Colomer Group takeover will add the Creative Nail professional and Shellac nail polishes as well as American Crew men’s hair care products to Revlon’s current product range.
The Colomer Group acquisition will also give Revlon some geographic diversity. The company gets about half of its sales from Europe, the Middle East and Africa and about 40% from the US, while Revlon recorded 56% of its sales from the US last year, according to Bloomberg.
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