L’Oréal announced it has completed its acquisition of Pacific Bioscience Laboratories Inc. In early November, the two companies signed a merger agreement paving the way for L’Oréal USA to buy Pacific Bioscience Laboratories, and now the shareholders of Pacific Bioscience Laboratories have approved the transaction. The move gives L’Oréal access to patented sonic skin care technology, enabling the company to acquire strategic positions in the quickly emerging skin care devices category.
“We've spent a fruitful decade developing the Clarisonic family of products for consumers and professionals alike, and the exciting thing is we're just getting started, in a way," said David Giuliani, CEO and co-founder of Pacific Bioscience Laboratories. "L'Oreal's powerful marketing, distribution and R&D resources will help Clarisonic develop internationally and achieve our global mission—empowering people to change the future of their skin.”
Clarisonic is sold mainly throughout the U.S. and is also present in the U.K., Australia, Mexico, Canada and the Far East. It is sold through a distribution network that includes dermatologists and cosmetic surgeons, spas, prestige retail, e-tail, television shopping and www.clarisonic.com. In fiscal year 2010, Clarisonic achieved net sales of $105 million.
“Clarisonic is a strategic acquisition for L’Oréal,” said Nicolas Hiéronimus, President L’Oréal Luxe. “Devices are emerging globally as an important new skin care category. Clarisonic is the most successful and fast growing premium brand in this category, and we will roll it out internationally as well as enhance our service experience in our luxury counters”.
Pacific Bioscience Laboratories will remain in its new corporate headquarters and manufacturing facility in Redmond, Washington, where it has a strong record of invention and technology. The site is expected to become another hub of innovation for L’Oréal in the U.S. “The science behind the Clarisonic brand is unsurpassed in the beauty devices category,” stated Laurent Attal, president research and innovation, L’Oréal. “By combining Pacific Bioscience expertise in devices and L’Oréal skin knowledge and excellence in topical skin care formulations, we think that, together, we will create in Redmond an outstanding center of innovation for L’Oréal.”
Pacific Bioscience Laboratories’ management team will stay with the company in their respective roles, including Giuliani, who will retain his title as CEO.