News Article

L'Oréal USA acquires Pacific Bioscience
Date: Nov 11, 2011
Author: Richard Collings
Source: ( click here to go to the source)

Featured firm in this article: Pacific Bioscience Laboratories Inc of Bellevue, WA

Oréal USA, a division of Paris-based cosmetics giant L'Oréal SA, has reached a deal to acquire Pacific Bioscience Laboratories Inc., parent of electronic beauty device maker Clarisonic.

Terms of the deal, announced Wednesday, were not disclosed. The target said it had revenue of $105 million in fiscal year 2010.

Pacific Bioscience declined to comment further until after the deal closes, which is expected in December, pending Pacific Bioscience's shareholders' approval and other closing conditions. L'Oréal also declined to comment.

Key Pacific Bioscience shareholders include private equity firm Rosewood Capital and company co-founder and CEO David Giuliani, who will remain with the company if the deal is approved.

L'Oréal USA chief executive Frédéric Rozé described the acquisition in a statement as strategic and said beauty devices have become an important category in skin care.

Pacific Bioscience was founded in 2001, patenting technologies and producing products tied to sonic skin care devices, as well as topicals. It launched the Clarisonic line of products in 2004.

The brand is sold through dermatologists, cosmetic surgeons, spas, high-end retail, e-commerce, and television shopping networks. The products are available in the U.S., U.K., Australia, Mexico, Canada and the Far East.

Retailers including Sephora, Nordstrom, QVC, Saks Fifth Avenue, Ulta, and also sell Clarisonic.

The company has about 300 employees. It has a corporate headquarters and manufacturing facility in Redmond, Wash.

Its product lineup includes the Clarisonic Classic, Clarisonic Mia, Clarisonic PLUS and PRO, and the Clarisonic Opal Sonic Infusion System.

One of L'Oréal USA's recent acquisitions was of Astoria, N.Y.-based Essie Cosmetics Ltd., a nail polish business, in April 2010 for an undisclosed price.

Read more: L'Oréal USA acquires Pacific Bioscience - The Deal Pipeline(SAMPLE CONTENT: NEED AN ID?)