Helen of Troy Limited has entered into an agreement with Phoenix-based Innovative Brands, LLC, a portfolio company of Najafi Companies, to acquire the Pert Plus hair care and Sure antiperspirant and deodorant businesses from Innovative Brands.
Pert Plus enjoys a long history as a leading brand in the $2 billion U.S. shampoo category through its pioneering development of the 2-in-1 shampoo and conditioner combination technology. Sure is one of the leading brands in the $1.7 billion U.S. antiperspirant and deodorant category, well known for its product efficacy and value to both women and men. The completion of the transaction is subject to Hart-Scott-Rodino review and customary closing conditions. The acquisition is expected to close at the end of March 2010.
Gerald J. Rubin, Helen of Troy Limited chairman, CEO and president, commenting on the acquisition stated, "We are very pleased to acquire the Pert Plus and Sure brands from Innovative Brands. We have a growing position in hair care styling and personal grooming with our innovative appliance and accessory businesses, and adding Pert Plus and Sure will enhance our role as a comprehensive provider of solutions for our hair care and personal grooming consumers and styling professionals. "We expect to quickly integrate Pert Plus and Sure into our Idelle Labs division, which markets and manages our hair and skin care products. We estimate that the Pert Plus and Sure brands will generate approximately $65 million in annual sales for our Idelle Labs division. We also expect the acquisition to be accretive upon integration into our Idelle Labs division.
"Our Idelle Labs division sells branded consumer products including Infusium 23, Ogilvie, Brut, Vitalis, Final Net, Vitapointe, Condition 3-in 1, Sea Breeze and Ammens through professional, mass merchant, drug store and grocery distribution channels. We are excited to be adding these two quality brand names to our existing worldwide distribution, and believe they will provide ongoing value to our customers and shareholders alike. Our most recent acquisition of Infusium 23 from Procter & Gamble was completed in March 2009. We continue to pursue similar acquisitions that can be integrated into Helen of Troy and provide accretive earnings to our shareholders," Rubin concluded.