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$125 million cash deal with Cerberus and Avon Worldwide.
April 25, 2019
By: Christine Esposito
Editor-in-Chief
LG Household & Health Care, Ltd. has entered into a definitive agreement with an affiliate of Cerberus Capital Management, L.P. and Avon Products, Inc. to acquire New Avon, LLC (Avon North America) for $125 million in cash. LG H&H will acquire the entirety of Cerberus' majority interest and Avon Worldwide's minority interest in Avon North America. LG H&H is Korea's leading consumer goods company, with strong market positions in all major categories including cosmetics, personal care and home care.The transaction has been approved by the LG H&H board of directors. The addition of Avon's iconic brand, award-winning products, dedicated employee base and network of 250,000 sales representatives throughout North America will support LG H&H's international growth plans, the company said in a statement. Under LG H&H's ownership, Avon North America will continue its strategy of product innovation, while strengthening its position as the leading social selling beauty company in the region. Avon North America is expected to benefit from LG H&H's R&D capabilities in cosmetics, personal care, fragrance, packaging and design. “We recognize Avon North America's strong brand, leading market position in the region, and talented employees and Representatives. Avon North America's innovative social selling model builds deep connections with customers and we are excited to leverage this as we continue to expand. We look forward to building on Avon North America's success to drive customer engagement and long-term growth in this market,” said Suk Cha, CEO of LG Household & Health Care. “LG H&H respects and admires our strong community of representatives, and supports our mission to empower women through economic opportunity,” said Laurie Ann Goldman, CEO of Avon North America. “We are thrilled to welcome our new partner, who shares our commitment to innovation, and our clear focus on putting customers first. We have appreciated our partnership with Cerberus over the last three years and their support as we strengthened the company and reset our path toward long-term success.” The transaction is expected to close on September 30, 2019 and is subject to certain customary closing conditions, including regulatory approvals in the U.S.
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