MELROSE PARK, Ill., May 19 /PRNewswire-FirstCall/ -- The Alberto-Culver Company announced today that it has reached an agreement to sell its Cederroth International business to CapMan, a leading Nordic based private equity firm. Pursuant to the terms of a Share Sale and Purchase Agreement, a fund managed by CapMan will purchase all of the outstanding capital stock of Cederroth International AB, a wholly owned subsidiary of Alberto-Culver. The sale is subject to customary closing conditions, including obtaining certain regulatory approvals and is expected to close this summer.
Alberto-Culver acquired the Cederroth International business in the early 1990's. The Cederroth business, headquartered in Stockholm, Sweden, has been successfully operated as a stand-alone, wholly owned subsidiary of Alberto-Culver. Cederroth manufactures and markets a diversified group of consumer products in the Nordic region and parts of Europe with only a portion of their brands competing in beauty care categories.
Alberto-Culver's President and Chief Executive Officer, V. James Marino, said, "We are very pleased to have found a strong buyer in CapMan with their Nordic region insight and experience in consumer products. For Alberto-Culver, this transaction facilitates our ability to focus on growing our core beauty care brands TRESemme, Nexxus, Alberto VO5 and St. Ives."
Further details of the transaction will be provided in a Form 8-K to be filed by Alberto-Culver later this week.
Alberto-Culver Company manufactures, distributes and markets leading beauty care and other personal care products including TRESemme, Alberto VO5, Nexxus and St. Ives in the United States and internationally. Several of its household/grocery products such as Mrs. Dash and Static Guard are niche category leaders in the U.S. It is also the second largest producer in the world of products for the ethnic hair care market with leading brands including Motions and Soft & Beautiful.
CapMan is one of the leading alternative asset managers in the Nordic countries and manages Nordic funds with approximately EUR 3.0 billion in total capital. CapMan has four investment areas (CapMan Buyout, CapMan Technology, CapMan Life Science and CapMan Real Estate), and each of them has a dedicated team and funds. Altogether CapMan employs 120 people in Helsinki, Stockholm, Copenhagen and Oslo. CapMan was established in 1989 and its B shares are listed on the Helsinki Stock Exchange since 2001.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and assessments of risks and uncertainties and reflect various assumptions concerning anticipated results, which may or may not prove to be correct. Some of the factors that could cause actual results to differ materially from estimates or projections contained in such forward-looking statements include: the pattern of brand sales; competition within the relevant product markets; loss of one or more key customers; loss of one or more key employees; inability of efficiency initiatives to improve the company's margins; risks inherent in expanding in existing geographic locations and entering new geographic locations; risks inherent in acquisitions, divestitures and strategic alliances; adverse changes in currency exchange rates; increases in costs of raw materials and inflation rates; events that negatively affect the intended tax free nature of the distribution of shares of Alberto-Culver Company in connection with the separation of the consumer products business from the beauty supply distribution business on November 16, 2006; the effects of a prolonged United States or global economic downturn or recession; changes in costs; the costs and effects of unanticipated legal or administrative proceedings; the risk that the expected cost savings related to the reorganizations and restructurings may not be realized; health epidemics; adverse weather conditions; loss of distributorship rights; sales by unauthorized distributors in the company's exclusive markets; and variations in political, economic or other factors such as interest rates, tax changes, legal and regulatory changes or other external factors over which the company has no control. These forward-looking statements speak only as of the date of this press release, and there is no undertaking to update or revise them as more information becomes available. Additional factors that could cause Alberto-Culver's results to differ materially from those described in the forward-looking statements can be found in the Company's 2007 Annual Report on Form 10-K filed on November 28, 2007 with the SEC and available at the SEC's internet site (http://www.sec.gov/).
CONTACT: Doug Craney, +1-708-450-3117
Web site: http://www.alberto.com/
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