Unilever has announced it has entered into a definitive agreement to acquire the US-based Alberto Culver Company for US$3.7-billion (Cdn $3.79-billion) in cash. Alberto Culver generated sales approaching US$1.6-billion (Cdn $1.64-billion) and EBITDA of over US$250 million (Cdn $2.56-million) for the 12-month period ending June 30 2010.
Paul Polman, chief executive officer of Unilever says: “We are delighted to be acquiring Alberto Culver. Their people have done an excellent job of building an impressive range of brands such as TRESemmé, VO5, Nexxus, St. Ives and Simple. These will complement Unilever’s existing portfolio of iconic brands like Dove, Clear and Sunsilk in hair care and Pond’s and Vaseline in skin and will help build on our strong global positions in both the hair care and skin care categories.”
The acquisition makes Unilever the world’s leading company in hair conditioning, the second-largest in shampoo and the third-largest in styling, and significantly enhances its hair care presence in the U.S., Canada, U.K., Mexico and Australasia, all of which will be significant hair care markets for years to come.
The deal fulfills a number of key criteria for Unilever. It:
Polman continues, "Personal Care is a strategic category for Unilever and growing rapidly. Ten years ago it represented 20 percent of our turnover; strong organic growth has driven it to now reach over 30 percent, with strong positions in many of the emerging markets.