Revlon, the cosmetics company run by Dubliner Alan Ennis, has 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 yesterday.

Revlon, which has been introducing new products and buying brands as sales in some of its larger lines slow, is following rivals such as Procter and Gamble and Unilever in adding salon-focused businesses.

The takeover gives Revlon the Creative Nail professional and Shellac nail polishes as well as American Crew men's haircare products.
"The acquisition does provide Revlon with access to a new channel of distribution as well as new customers," said David Wu, an analyst at Telsey Advisory Group in New York.

The profitability of professional cosmetics was among the highest in the make-up industry and sales to salons may improve during the next year as the economy rebounded, Mr Wu added. Revlon rose 7.1 per cent in early trading yesterday. – (Bloomberg)