Unilever acquires TIGI
Women's Wear Daily – 01/26/2009
by Brid Costello
The Anglo-Dutch consumer goods giant has just inked a deal to acquire the Dallas-based Tigi professional hair products business, as well as its two advanced education academies, for $411.5 million. The companies stated further payments related to future growth may be made "contingent upon meeting certain thresholds."
The acquisition of Tigi, a subsidiary of Toni & Guy, includes the Bed Head, Catwalk and S-Factor brands, and marks Unilever's entry into the professional hair care arena. The business will run as a freestanding global business unit reporting to Michael Polk, president of Unilever Americas, and will continue to be based in Dallas. Tigi's founders, Bruno, Anthony and Guy Mascolo, all brothers, will serve as consultants for the firm, which generated worldwide sales of about $250 million in 2008. They will continue to own and operate its salon business, which consists of about 60 salons in the U.S. and 300 to 400 salons worldwide.
Launched in 1986, Tigi, which generates about half of its annual sales in the U.S., also has operations in the U.K., Ireland, Italy, Germany and Australia. Dependant on regulatory approval, the deal is expected to wrap up by the end of March. Michel Dyens and Co. acted as financial advisor to Tigi.