Sally Beauty Holdings, the world's largest professional beauty supply retailer, is continuing to grow via strategic acquisitions.
The Clayton Dubilier & Rice-backed firm will pay $61 million in cash to purchase Schoeneman Beauty Supply and roll it into its subsidiary, Beauty Systems Group.
Sally Beauty: still growing
Pennyslvania-based Schoeneman, which is projecting 2009 revenues in the $86 million to $89 million range, has more than 500 employees, including more than 100 direct sales consultants.
CD&R purchased a 47.5 percent stake in Sally Beauty in 2006 when it was spun out from a parent division and listed on the New York Stock Exchange. The transaction included $575 million in equity from New York-based CD&R and $1.85 billion in debt from Merrill Lynch.
Sally Beauty operates 2,700 stores worldwide.