Alberto Culver, whose brands include St. Ives and Noxzema, is expanding its skin care portfolio by acquiring Simple Health & Beauty Limited, a U.K.-based skin care company, from private equity fund Duke Street.
The purchase price is 240 million pounds (US$390 million). The deal is expected to close by the end of the year.
With the acquisition, Alberto Culver will become the No. 2 manufacturer in the United Kingdom in skin care to complement its existing No. 2 position in hair care, the company stated.
Procter & Gamble has elected Robert McDonald, president and CEO, as chairman, effective Jan. 1. A.G. Lafley, former chairman, will retire effective Feb. 25. However, he stepped out of his role as chairman on Jan. 1.
Lafley was succeeded as CEO by McDonald on July 1. He has continued to serve as chairman to support the management transition.
Former EVP at World Wide Dreams, Brad Meyers, has left the company to join Mundi/Westport Corp. to take on a similar position.
According to Mundi/Westport Corp., Meyers will be starting up a cosmetic bag division incorporating the same brands and licenses that Mundi sells at department stores, mid-tier department stores, specialty stores and off-price retailers throughout North America. Meyers will continue to sell to mass merchants and drug stores on a national basis.
Meyers was with World Wide Dreams for more than 30 years.