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L’Oréal Completes Pacific Bioscience Acquisition

February 13, 2012

L’Oréal Completes Pacific Bioscience Acquisition

• Skin care devices are still hot—as seen at L’Oréal. The company has completed its acquisition of Pacific Bioscience Laboratories Inc., the market leader in sonic skin care devices.

Clarisonic is sold primarily in the US and is also available in the UK, Australia, Mexico, Canada and Asia. It is sold through a distribution network, which includes dermatologists and cosmetic surgeons, spas, prestige retail, e-tail, television shopping and In fiscal year 2010, Clarisonic achieved net sales of $105 million.

In November 2011, the two companies signed a merger agreement paving the way for L’Oréal USA to buy Pacific Bioscience Laboratories. The shareholders of Pacific Bioscience Laboratories have approved the transaction.

“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’Oréal’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 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 fastest 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, WA, where it has a strong record of invention and technology.

“The science behind the Clarisonic brand is unsurpassed in the beauty devices category,” stated Laurent Attal, president, research & 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. David Giuliani will retain his title as CEO.

For the third quarter, sales at L’Oréal rose 1.8% in the period to more than $6.99 billion.

Prestige Brands Holdings Strikes Deal with GSK

• In its largest acquisition ever, Prestige Brands Holdings Inc. will pay British drugmaker GlaxoSmithKline PLC $660 million cash for a group of over-the-counter pharmaceutical brands including Beano and Tagamet, according to reports.

The Irvington, NY company is also buying pain relievers BC, Goody’s and Ecotrin, gastrointestinal brands Gaviscon, Phazyme and Fiber Choice as well as Sominex sleep aids—17 brands in all. With this deal and several other recent acquisitions, Prestige says its annual revenue will total about $600 million.

For the six months ended in September 2011, the company’s revenue rose to $200.8 million.

In September 2010, Prestige agreed to buy Blacksmith Brand Holdings Inc., which sells Efferdent and Effergrip denture care products, PediaCare children’s medicines, Luden’s cough drops and other products. In December 2010 it bought the motion sickness medicine Dramamine from Johnson & Johnson.

Helen of Troy Posts Strong 
Q3 Results

• Helen of Troy Ltd.’s fiscal third-quarter earnings rose 21%, buoyed by an acquisition and strong sales across all of its segments.

The company, which makes Vidal Sassoon hair products and other personal care and housewares items, reported Thursday that it earned $32.9 million for the period ended Nov. 30.

Revenue increased 65% to $338.8 million, primarily due to Helen of Troy’s $260 million acquisition of consumer products maker Kaz Inc., which was completed in December 2010.

By segment, housewares unit revenue climbed 4.7%, while the personal care division posted a 1.7% revenue increase. Revenue in the company’s new health care/home environment segment rose 3.5% on a pro forma basis.

Helen of Troy recently closed on its acquisition of the water-purifier business Pur from Procter & Gamble Co. The deal, announced in December 2011, includes all of Pur Water Purification Products Inc.’s outstanding stock and all assets related to making and selling products under the Pur trademark. It also involves Pur’s current and future product line, manufacturing equipment and more than 200 patents.

The transaction does not include Procter & Gamble’s Children’s Safe Drinking Water corporate philanthropy program. The powder product and patents used in that program will remain with P&G.

Terms of the transaction were not disclosed.
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