Schoeneman Sells to Sally Beauty Holdings
Sally Beauty Holdings, Inc. announces the acquisition of Schoeneman Beauty Supply, Inc. (“Schoeneman”), a leading full-service distributor of professional beauty products, by its subsidiary Beauty Systems Group LLC (BSG). The addition of Schoeneman, with its best in class sales force, store base, and distribution operations is expected to provide BSG with a greater presence in the Northeast region of the U.S.
“The Beauty Systems Group segment was built through a series of strategic acquisitions such as Schoeneman,” said Gary Winterhalter, CEO of Sally Beauty Holdings. “We believe Schoeneman is a natural addition to our BSG business and supports our long-term objective to grow the Company. We utilized some of our available cash to fund the acquisition, but still have ample liquidity to grow organically and pay down debt. In fact, during the fiscal 2009 fourth quarter, we made an optional repayment of $20 million on our term loan facilities.”
Schoeneman is headquartered in Pottsville, Pennsylvania and employs over 500 people, including over 100 direct sales consultants. Sales revenue in fiscal 2009 is projected to be in the range of $86 million to $89 million. The Company owns 43 professional-only beauty supply stores located in Pennsylvania, Southern New Jersey, Northern Delaware and West Virginia. The direct sales consultants further extend its distribution reach to Maryland, Washington D.C., and Northern Virginia. Schoeneman carries approximately 10,000 SKU’s with a focus on the mid-to-high end of beauty professional products.
“This acquisition directly supports BSG’s strategy of extending our distribution reach in important geographic regions of the U.S.," said John Golliher, president of the Beauty Systems Group. "We expect this combination to provide us with a greater opportunity to compete in Pennsylvania, Southern New Jersey, Delaware, and West Virginia. Schoeneman brings its highly skilled employees, strong customer relationships and proven distribution channels to BSG. By combining our two companies, we believe we can create additional value for our customers, suppliers, and our stockholders.”
Dale Schoeneman, Chief Executive Officer of Schoeneman Beauty Supply, Inc. stated, “We are excited about Sally’s Beauty System Group LLC acquisition. Not only do the two companies share similar cultures, but the added scale and financial resources of the BSG organization bring enormous benefits to our customers, employees, suppliers and community. The Schoeneman family looks forward to BSG’s management team bringing new opportunities to the business.”Sally Beauty Holdings paid cash of approximately $61 million, net of the present value of the future incremental tax benefit expected to be realized by the Company from the transaction. The acquisition is expected to be slightly accretive, post integration costs, to Sally Beauty Holdings’ earnings per share in 2010. Cost synergies are expected to be realized upon full integration of Schoeneman, and the Company projects additional accretion to Sally Beauty Holdings earnings per share in 2011.
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