Sally Beauty buying binge continues
This article was originally published in The Rose Sheet
Executive Summary
Beauty supply retailer and distributor acquires Sinelco Group NV, a Belgian-based wholesale distributor of professional beauty products, for €25.5, or about $36.6 million, firm announces Dec. 17. Sinelco specializes in products such as electricals, sundries, accessories and salon supplies, and serves more than 1,500 customers from 35 countries through its catalog, Web site and sales offices. "The addition of Sinelco, which sources many of its products in Asia, will provide us the opportunity to sell to distributors of professional products in many countries in which we lack a physical presence," Vice President Chad Selvidge says in a release. Approximately 85% of Sinelco's revenue comes from its "exclusive-label" brands, according to the firm. Sally Beauty has been on a buying binge of late, acquiring distributor Schoeneman Beauty supply for $61 million in October and distributor Belleza Concept International in September (1"The Rose Sheet" Oct. 12, 2009 and 2"The Rose Sheet" Sept. 28, 2009)