UBS gets into hairdressing
UBS Capital, the private equity business of Switzerland's biggest bank UBS, has acquired two hair care groups in France and Spain. It intends to merge the two into a company with a turnover of SFr241.5 million ($136 million) per year.
Eugene Perma Group, formed from the combination of France's Eugene Perma with Spain's Cosmetica General, owns brand names like Petrole Hahn, Keranove and Cycle Vital.
It will offer a full range of hair care products from shampoos and lotions to salon products for colourings and perms.
UBS Capital, which takes majority stakes in medium to large firms, did not disclose financial details on the transaction.
The equity firm did say however in a statement that Eugene Pharma Group would have 840 employees and would be headed by Eugene Pharma managing director Didier Martin.
The group faces competition from market giants L'Oreal and Clairol, recently bought by American group Procter and Gamble.
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