CVC Capital Partners (CVC), a leading European private equity provider, today announced the acquisition of the Revlon Professional Products business (RPP) from Revlon, Inc in New York. The transaction, which values RPP at US$325 million (€325 million), is being financed by funds managed by CVC and is subject to regulatory approvals.
RPP, which has been renamed the Colomer Group, manufactures and markets a broad line of leading salon and retail hair care and nail care products around the world. Headquartered in Spain, the Group employs 1500 people, of whom 850 are based in the US.
The management team of the Colomer Group will be led by Carlos Colomer, currently CEO of RPP and a son of the family who owned the original European business of Henry Colomer, acquired by Revlon, Inc in the 1970s.
Hardy McLain, Managing Director of CVC, said: "The Colomer Group comprises a portfolio of strong international brands which have developed leading positions in a number of regional markets in salon and retail hair care. There are a number of opportunities for further acquisitions to build its presence in other markets. The management team led by Carlos Colomer has a successful track record of growing the business and a good strategic vision."
Carlos Colomer, Chief Executive of the Colomer Group, said: "I am delighted the Colomer family have regained a stake in the business. With CVC on board, we can now progress together our plans for developing the Group."
CVC was advised by Deutsche Bank. Debt facilities were provided by Societé Generale.