L’Oréal USA, a subsidiary of the cosmetics giant, recently announced the signature of a merger agreement with Pacific Bioscience Laboratories, Inc. (PBL), the market leader in the rapidly growing areas of electronic skin care devices, with its Clarisonic brand.
Established in 2001, PBL has grown rapidly since the Clarisonic launch in 2004 and now employs 300 staff. The company’s currently sell its products throughout the US as well as in the UK, Australia, Mexico, Canada and the Far East, through a distribution network that covers six diverse channels: dermatologists and cosmetic surgeons, spas, prestige retail, e-tail, television shopping, and clarisonic.com
PBL recently relocated to new corporate headquarters and state-of-the-art manufacturing facility in Redmond, Washington.
“This is a strategic acquisition for L’Oréal,” said Frédéric Rozé, President and CEO of L’Oréal USA. “Devices are rapidly emerging globally as an important new skin care category. Clarisonic is successful and the fast growing premium brand in this segment. We think that together with PBL, we will create in Redmond an outstanding centre of innovation for L’Oréal.”
The transaction, which amount has not been disclosed, is subject to the approval of PBL’s shareholders and other closing conditions, and is expected to close in December, 2011. L’Oréal USA has received significant shareholder commitments to vote in favour of the acquisition, including Rosewood Capital and, PBL’s co-founder and current CEO, David Giuliani.
PBL’s senior management team has committed to remain with L’Oréal USA. Upon closing of the transaction, the Clarisonic brand will join the portfolio of L’Oréal luxury division (Lancôme, Armani, YSL Beauté ou Kiehl’s) and benefit from the group’s worldwide presence.
