L’Oréal USA and Pacific Bioscience Laboratories, Inc. (PBL) announced yesterday a signed merger agreement between L’Oréal USA and PBL.
PBL’s Clarisonic® is the acknowledged market leader in the rapidly growing areas of sonic skin care devices, topicals and technology. Established in 2001, PBL developed its patented technology, enabling a series of highly popular products under the Clarisonic® brand that redefined consumers’ approach to skin care. These include the Clarisonic Classic®, Clarisonic Mia®, Clarisonic PLUS and PRO®, and the Clarisonic Opal™ Sonic Infusion System.
Powered by sonically oscillating brushes, infusion technology and a highly experienced management team, PBL has grown rapidly since the Clarisonic® launch in 2004. The company’s broad distribution network covers six diverse and interdependent channels: dermatologists and cosmetic surgeons, spas, prestige retail, e-tail, television shopping, and clarisonic.com. PBL has 300 employees and recently relocated to its new corporate headquarters and manufacturing facility in Redmond, Washington. This state-of-the-art facility significantly increases production capacity of Clarisonic® products, currently sold throughout the US as well as in the UK, Australia, Mexico, Canada and the Far East.
“L’Oréal brings powerful marketing, distribution, and R&D synergy to the Clarisonic® agenda,” said David Giuliani, CEO and co-founder of PBL. “L’Oréal shares our vision for ingenuity and dedication to quality. Combining forces, we’re confident Clarisonic® will rapidly achieve its global mission, to provide the power to change the future of your skin.”
“This is a strategic acquisition for L’Oréal,” said Frédéric Rozé, President and CEO of L’Oréal USA. “Devices are rapidly emerging globally as an important new skin care category. Clarisonic® is successful and the fast growing premium brand in this segment. We think that together with PBL, we will create in Redmond an outstanding center of innovation for L’Oréal. Upon closing of the transaction, the Clarisonic® brand will join the portfolio of L’Oréal Luxe and benefit from its worldwide presence.”
The merger, subject to the approval of PBL’s shareholders and other closing conditions, is expected to close in December, 2011. L’Oreal USA has received significant shareholder commitments to vote in favor of the acquisition, including Rosewood Capital and David Giuliani. PBL’s senior management team has committed to remain with L’Oréal USA to maintain the continuity of excellence.
L'Oréal USA, headquartered in New York City, with 2010 sales of over $4.7 billion and 9,800 employees, is a wholly-owned subsidiary of L'Oréal SA, the world’s leading beauty company. In addition to corporate headquarters in New York, L'Oréal USA has Research and Innovation, Manufacturing and Distribution facilities across six other states including New Jersey, Kentucky, Arkansas, Illinois, Ohio, and Texas. L'Oréal's impressive portfolio of brands includes Lancôme, Giorgio Armani Beauty, Yves Saint Laurent Beauté, Viktor & Rolf, Diesel, Cacharel, L'Oréal Paris, Garnier, Vichy, La Roche-Posay, L'Oréal Professionnel, Kérastase and Shu Uemura Art of Hair. The U.S. is the base for the product development, international marketing and advertising for L'Oréal’s twelve American brands: Maybelline New York, Soft-Sheen.Carson, Kiehl’s Since 1851, Ralph Lauren Fragrances, Essie Cosmetics, Redken 5th Avenue NYC, Matrix, Mizani, Pureology, SkinCeuticals and Dermablend. For more information on our brands visit www.lorealusa.com.
About Pacific Bioscience Laboratories
PBL Inc. is a leading innovator in sonic skin care and the creator of the Clarisonic Skin Cleansing System and Clarisonic Opal™ Sonic Infusion Systems. The Clarisonic Sonic Skin Cleansing System is the first professional-caliber sonic skin care system for healthy, younger-looking skin. Clarisonic extends sonic cleansing to sonic infusion with the groundbreaking Opal™ Sonic Infusion System, combining sonic micro-massage with a proprietary Anti-Aging Serum that reduces the appearance of fine lines and wrinkles around the eyes. The encore innovations in sonic devices , Clarisonic and Clarisonic Opal™ represents PBL’s ongoing mission to develop and market technically advanced and clinically proven products that make a clear difference in skin care. Clarisonic is distributed through dermatologists, cosmetic surgeons, spas and prestige retailers such as Sephora, Nordstrom, QVC, Saks Fifth Avenue, Ulta, Beauty.com and SkinStore.com. Clarisonic has been acknowledged as a beauty award winner by InStyle magazine, Allure magazine and by retailers QVC and Sephora. For more information, visit the Clarisonic website. In FY 2010, PBL Inc. recorded sales of $ 105 M.
“This news release does not constitute an offer to sell, or a solicitation of an offer to buy L’Oréal shares. If you wish to obtain more comprehensive information about L’Oréal, please refer to the public documents registered in France with the Autorité des Marchés Financiers, also available in English on our Internet site www.loreal-finance.com.
This news release may contain some forward-looking statements. Athough the Company considers that these statements are based on reasonable hypotheses at the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual results to differ materially from those indicated or projected in these statements.”
Contacts at L'ORÉAL
Individual shareholders and market authorities
Mr Jean Régis CAROF
Tel.: +33 1 47 56 83 02
Financial analysts and institutional investors
Mrs Françoise LAUVIN
Tel.: +33 1 47 56 86 82
Mrs Stephanie CARSON-PARKER
Tel.: +33 1 47 56 76 71
Tel.: +33 1 47 56 70 00
For more information, please contact your bank, broker or financial institution (I.S.I.N. code: FR0000120321), and consult your usual newspapers, and the Internet site for shareholders and investors, http://www.loreal-finance.com, or its mobile version on your cell phone, http://loreal-finance.mobi; alternatively, call +33 1 40 14 80 50.