News  »  2009 » December » Monday the 14th » News Item

Alberto Culver Company (NYSE: ACV), a manufacturer and marketer of beauty care brands including TRESemme, Alberto VO5, Nexxus, St. Ives and Noxzema has announced that they have entered into an agreement to acquire Simple Health & Beauty Limited, a leading UK based skin care company, from Duke Street, a mid-market private equity fund.

Alberto Culver President and Chief Executive Officer V. James Marino says, "I am very pleased with the opportunity to complete a transaction that gives us a brand well known and respected in its market and a business that will be immediately accretive for Alberto Culver. Simple is a brand that we have followed for a long time due to its strong, differentiated positioning in the skin care category. I've admired the tremendous job that the management team has done in growing the business and we'll continue to leverage Simple's brand strength to drive future growth. This transaction reaffirms our overall focus on beauty care while moving us an important step forward in executing our strategy of expanding and strengthening our skin care portfolio."

After closing, which is expected by the end of the year, Alberto Culver will become the number two manufacturer in the UK in skin care to complement its existing number two position in hair care. Marino adds, "This is a great acquisition for Alberto Culver, not only from a strategic standpoint, but from a financial perspective as well. This transaction will allow us to efficiently deploy our cash to enhance shareholder value."