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.”