Mergers & Acquistions
Henkel is set to acquire Deva Parent Holdings, Inc., the owner
of hair care brand DevaCurl, for an undisclosed sum. Deva Parent
Holdings has been managed by the Private Equity Group of Ares
Management Corp. DevaCurl products are distributed in U.S.
salons, select retailers and direct-to-consumer and eCommerce platforms.
DevaCurl generated sales of approximately $100 million in
2019. Deva Parent Holdings employs about 200 people.
L’Oréal is set to acquire Clarins Group’s fragrance division in the
first quarter of 2020, which includes Mugler, Thierry Mugler, Clarins
Fragrance Group (CFG), CFG France, Cosmeurop and CFG
UK and brands such as Mugler and Azzaro. Terms of the deal were
not disclosed. Sales of this division garnered €340 million ($378.13
million) in 2018.
LVMH is buying 182-year-old Manhattan-based jewelry company
Tiffany & Co. LVMH will pay $135 per share, valuing Tiffany at
about $16.2 billion. According to reports, the deal is one of the
largest yet in the luxury sector. The deal could help Tiffany’s efforts
to connect with millennial consumers and bolster LVMH’s presence
in the U.S. Tiffany employs 14,000 people and operates 300 stores
around the globe. LVMH has 75 brands, including Christian Dior
and Bulgari. The deal is expected to close in the middle of 2020.
The Estée Lauder Cos. has acquired South Korea-based Have & Be
Co. Ltd., a science-driven personal care company with brands such
as Dr. Jart+, Do The Right Thing, Cicapair and Ceramidin. In December
2015, the company made a minority one-third investment in
Have & Be Co. Ltd. for an undisclosed sum. This is Estée Lauder’s
first acquisition of an Asia-based beauty brand. Have & Be’s value is
estimated at $1.7 billion.
44 Spray January 2020
Givaudan is acquiring Ungerer & Co., a Lincoln Park, NJ-based
manufacturer of flavors and fragrances for an undisclosed sum.
Ungerer, which was founded more than 125 years ago, employs 650
people and has eight factories and six R&D centers worldwide.
For an undisclosed sum, Givaudan is also purchasing the cosmetics
business of Indena, Milan, Italy, a plant-derived active ingredient
maker. Indena has also formed a long-term partnership with Givaudan
to manufacture ingredients and provide innovation capabilities
and other supporting services. Indena’s cosmetics business experienced
sales of €8 million ($8.81 million) in 2018. Both transactions
are expected to close in first quarter of 2020.
Edgewell Personal Care Co. is selling its Infant and Pet Care business
to Le Holding Angelcare Inc. for $122.5 million. The transaction
was expected to close by the end of 2019.
Quadpack has purchased German personal care packaging company
Louvrette, boosting Quadpack’s injection-molding capacity and adding
8,500 sqm manufacturing facilities. The purchase also includes
40 injection-molding lines, a mold shop, decoration services and the
addition of more than 100 products to Quadpack’s Q-Line portfolio.
Terms of the deal were not disclosed.
In other news, Quadpack Industries has acquired the commercial
rights to the patented bi-injection blow molding (BIBM) process of
German technology company Inotech. The agreement includes joint
R&D of new beauty packaging solutions using the BIBM process,
which creates products made of two materials in one step. Quadpack
will also own Inotech’s cosmetics packaging operation and products
in Nabburg, Germany. Financial terms of the agreement were not
disclosed.
Perfume and flavor company Firmenich has reached an agreement
with First Eagle Investment Management to acquire its client’s 17%
stake in Robertet. Firmenich also said it is prepared to be a passive
long-term shareholder of Robertet alongside the Maubert family but
would entertain a controlling stake in the future if Robertet is willing.
Financial terms of the deal were not disclosed.
Albéa is partnering with three-dimensional technology startup
company Erpro 3D Factory to create an industrial series of fullypersonalized
and innovative personal care packaging solutions that
cannot be created with traditional injection molding.
BASF has acquired biotech-based aroma ingredients company Isobionics
to enter the market for natural flavor & fragrance ingredients
such as nootkatone and valencene. Isobionics is located in Geleen,
The Netherlands and will become part of BASF’s Aroma Ingredients
business.
BASF has also signed a cooperative agreement with biotechnology
company Conagen to bring to market a natural vanillin derived
from rice called Natural Vanillin F. With these deals, BASF hopes to
advance technology for biotech-based aroma ingredients. Financial
terms were not disclosed.
In other news, BASF and Biomillenia are collaborating to
research the microbiome and identify new dermocosmetic active
ingredients to promote skin health. Biomillenia will contribute its
microbiome-on-a-chip technology and BASF will explore the effects
of active ingredients on skin health.
Knowlton Development Corp. (KDC/ONE) has acquired ingredient
formulator and tester Benchmark Cosmetic Laboratories, Inc.,