EL PASO, Texas Helen of Troy has reached an agreement to acquire the Pert Plus hair care and Sure antiperspirant and deodorant businesses from Innovative Brands.
Terms of the deal were not disclosed. The acquisition is expected to close at the end of this month.
Innovative Brands, which is a portfolio company of private investment firm Najafi Cos., acquired the Pert Plus and Sure brands from Procter & Gamble in 2006.
"We are very pleased to acquire the Pert Plus and Sure brands from Innovative Brands. We have a growing position in hair care styling and personal grooming with our innovative appliance and accessory businesses and adding Pert Plus and Sure will enhance our role as a comprehensive provider of solutions for our hair care and personal grooming consumers and styling professionals," stated Gerald Rubin, chairman, CEO and president of Helen of Troy.
Rubin stated that the Pert Plus and Sure brands will be integrated into its Idelle Labs division, which markets and manages its hair and skin care products. Consumer product brands currently sold by Idelle Labs include Infusium 23, which it acquired from P&G in March 2009; Brut; Vitalis; Final Net; Sea Breeze and Condition 3-in-1.
Helen of Troy expects the Pert Plus and Sure brands to generate roughly $65 million in annual sales for the Idelle Labs division and to be accretive upon integration.
Rubin noted that Helen of Troy will "continue to pursue similar acquisitions that can be integrated into Helen of Troy and provide accretive earnings to our shareholders."