The company did not reveal the financial details of the deal but said the addition of Infusium 23 to its stable of brands is expected to increase net sales by $40m annually.
Therapeutic hair care products
Infusium 23 is a therapeutic hair care business with over 80 years of history that produces shampoos, conditioners and leave-in treatments. Helen of Troy said the products have gained the trust of stylists and consumers alike because of their “transformational performance”.
The business will join the Idelle Labs division of skin and hair care products at Helen of Troy where it will sit alongside brands such as Ogilvie, Vitalis, Final Net and Vitapointe.
The Infusium 23 products will be marketed at both the retail and professional markets.
Helen of Troy CEO Gerald J. Rubin said: “We are very pleased to be acquiring the Infusium 23 brand from P&G.
“We currently have a leading position in hair care styling with our innovative appliance and accessory businesses and adding Infusium 23 will enhance our role as a comprehensive provider of solutions for our hair care consumers and styling professionals.”
Infusium 23 is expected to change hands for an undisclosed cash sum by March 31 and Helen of Troy said the acquisition is set to be accretive immediately.
Purchase of Infusium 23 follows Ogilvie acquisition
The announcement of the brand acquisition comes four months after Helen of Troy bought the worldwide rights to Ogilvie from struggling cosmetics firm Ascendia.
Helen of Troy expects to generate $10m in additional annual sales from the Ogilive line of hair styling products.
Meanwhile, P&G is selling the Infusium 23 brand after a bumper crop of hair care launches last year that took sales growth in the category on an upward path towards the end of the year.
The company launched more products in hair care than any other beauty category in 2008 and the number of new products increased steadily throughout the year, according to Mintel’s GNDP Product Database.