Revlon Inc. agreed to buy the Colomer Group for about $660 million in cash from CVC Capital Partners to bolster its offerings to professional salon customers.
The acquisition is expected to close in the fourth quarter, New York-based Revlon said today in a statement. The takeover will be financed using funds underwritten by Citigroup Inc.
Revlon will gain the seller of Creative Nail professional and Shellac nail polishes as well as American Crew men’s haircare products. Colomer Group also sells brands including Llongueras hair care and Natural Honey body lotions through retailers.
Revlon fell 1.8 percent to $24.50 in New York on Aug. 2. The shares have gained 69 percent this year, compared with a 20 percent gain for the Standard & Poor’s 500 Index.