February 2020 Spray 39
Mergers & Acquistions
Following a partnership formed last June in Annecy, France, Coster
has acquired Catidom SAS, a French metal anodization company. The
deal includes Coster’s acquisition of Catidom’s remaining 60% of share
capital from Vacheron Industries. Financial terms of the deal were not
disclosed for these two family-owned companies. After the acquisition is
finalized, Catidom will operate as wholly-owned subsidiary of Coster.
PLZ Aeroscience has purchased Liquid Technologies, Inc. (LTI) from
private capital firm Frontenac Co. for an undisclosed sum. LTI is a
Chino, CA-based contract formulator and manufacturer of professional
hair and skin care products. CEO Steve Dickstein and VP of Finance
Alan Docherty will continue in their roles at LTI.
Helen of Troy Ltd. has purchased Drybar Products LLC for an undisclosed
sum. Under the terms of the acquisition, Drybar Holdings
LLC, the owner and operator of Drybar
blowout salons, can continue to use the
Drybar trademark in salons. The deal
closed Jan. 31.
Procter &Gamble (P&G) has acquired
Billie Inc., a subscription female body
care company, for an undisclosed sum.
Billie supplies shaving supplies and
naturals-based body care products, such
as shaving cream, razors, body wash and
body lotion, directly to primarily Millennial
and Gen Z consumers. Billie will
continue to be led by Co-Founders Georgina Gooley and Jason
Bravman.
TricorBraun has acquired Minneapolis, MN-based Packaging
Solutions, Inc. (PSI) for an undisclosed sum. PSI’s team members,
including owners Doug Greenberg and John Greenberg,
will be retained and will work out of the existing location as
TricorBraun. PSI is TricorBraun’s seventh acquisition in the
past three years.
International Flavors & Fragrances Inc. (IFF) is merging with
DuPont Inc.’s Nutrition & Biosciences unit to create a new
ingredients and solutions company valued at more than $45 billion,
according to reports. DuPont shareholders will own 55.4%
of the shares of the new company and existing IFF shareholders
will own 44.6%. The deal was unanimously approved by
both Boards. DuPont will also receive a one-time cash payment
of $7.3 billion upon closing of the deal, IFF said. IFF’s CEO
Andreas Fibig is expected to run the combined company and
will also serve as Chairman of the Board.