MELROSE PARK, Ill. Alberto Culver, whose brands include St. Ives and Noxzema, is expanding its skin care portfolio by acquiring Simple Health & Beauty Limited, a U.K.-based skin care company, from private equity fund Duke Street.
The purchase price is 240 million pounds ($390 million). The deal is expected to close by the end of the year.
With the acquisition, Alberto Culver will become the No. 2 manufacturer in the U.K. in skin care to complement its existing No. 2 position in hair care, the company stated.
"Simple is a brand that we have followed for a long time due to its strong, differentiated positioning in the skin care category. I've admired the tremendous job that the management team has done in growing the business and we?ll continue to leverage Simple's brand strengthen to drive future growth. This transaction reaffirms our overall focus on beauty care while moving us an important step forward in executing our strategy of expanding and strengthening our skin care portfolio," stated Alberto Culver president and CEO V. James Marino.