Syneron Medical Ltd. has completed its accord with Unilever Ventures to create a global joint venture in home beauty devices. The new joint venture, known as Iluminage Beauty, will develop and market high performance beauty solutions, empowering them with professional level devices for at-home use, according to the companies.
The joint venture combines the global business and expertise of Syneron's aesthetic home-use subsidiary, Syneron Beauty Ltd., and Unilever's luxury beauty subsidiary, Iluminage Inc. The JV will leverage Unilever's global experience in the development and marketing of consumer beauty products and Syneron Medical's expertise in professional aesthetic device technology.
Under terms of the agreement, which was announced last month, Unilever Ventures, the venture capital and private equity arm of Unilever, invested $25 million and Unilever will also sell and transfer its luxury beauty subsidiary Iluminage to the joint venture. In addition, Syneron Medical will sell and transfer its Syneron Beauty subsidiary and related home-use businesses to the joint venture, creating Iluminage Beauty. Unilever Ventures will hold 51% of JV and Syneron Medical will retain the remaining 49%.
"We believe Iluminage Beauty is well positioned to gain share in the home beauty device market,” said Shimon Eckhouse, CEO of Syneron Medical. “The joint venture structure will allow us to focus on driving growth in our professional aesthetic business while also maximizing the value of our investment in our home-use business."
Founded in 2000, the corporate, R&D, and manufacturing headquarters for Syneron Medical Ltd. are located in Israel. Syneron also has R&D and manufacturing operations in the US.