Unilever announced that it has signed an agreement to acquire the global TIGI professional hair product business and its supporting advanced education academies for a cash consideration of $411.5 million.
"This is an exciting acquisition for Unilever," said Vindi Banga, president, foods, home & personal care, Unilever. "It illustrates our determination to actively manage our portfolio in line with our stated strategic priorities, including a focus on personal care and higher growth areas. We already have a strong position in daily hair care, and adding the salon brands will further build our position in the hair category. We can bring our R&D expertise to it and offer greater opportunity for geographical expansion. TIGI's strength in styling, and its fashion and beauty expertise will also help us raise the bar on innovation for our existing hair brands."
Upon completion of the transaction, TIGI will operate as a stand-alone global business unit within Unilever, reporting to Michael B. Polk, president, Unilever Americas.
"We are excited to join the Unilever family," said Bruno Mascolo, founder, TIGI. "We have always been passionate about people, so to be able to advance the industry through our products and education by using Unilever's impressive resources while continuing to involve those who have made us successful--customers and employees--is very gratifying. We look forward to our future together."
TIGI's major brands include Bed Head, Catwalk and S-Factor. TIGI has operations in the U.S., U.K, Italy, Germany and Australia, and employs approximately 550. Its worldwide sales in 2008 were approximately $250 million, with almost half generated in the U.S.
Subject to regulatory approval, the deal is expected to be completed by the end of March 2009.