Sally Beauty Holdings Inc (SBH.N) said its subsidiary Beauty Systems Group LLC has acquired privately held beauty products distributor Schoeneman Beauty Supply Inc for about $61 million in cash, to enhance its presence in the U.S. Northeast region.
Sally Beauty, which distributes beauty supplies and hair products, expects the transaction to add slightly to earnings per share in 2010.
Cost synergies are expected to be realized upon full integration of Schoeneman, with further additions to earnings per share in 2011, the company said in a statement.
Schoeneman’s full-year 2009 revenue is expected to be in the range of $86 million to $89 million, Sally Beauty said.