MELROSE PARK, ILLINOIS (BNO NEWS) — Unilever has acquired Alberto Culver Company (ACC), which manufactures important beauty care brands such as TRESemme, Alberto VO5, and St. Ives, for approximately $3.7 billion, ACC said Monday.

Along with the acquisition, Unilever will receive all of the outstanding shares of ACC – which said its company was valued at $1.6 billion – for $37.50 per share in cash. The transaction is structured as a merger and is subject to approval by owners holding a majority of ACC’s outstanding shares, regulatory approvals and other customary closing conditions.  

The $37.50 per share price represents a 33 percent premium to Alberto Culver’s 12-month volume weighted average share price and an 18 percent premium to its all-time high closing share price achieved earlier this year.

“Throughout our history, and particularly in the last decade, we have grown Alberto Culver’s key brands’ sales and market shares at a pace exceeding our highly competitive categories’ growth rates. This has been the result of a combination of innovation, excellent service and entrepreneurial drive, all planned and executed by an incredibly talented team,” said Carol Lavin Bernick, ACC’s Executive Chairman.

“Our shareholders have benefitted year in and year out from their efforts. We are enormously proud of our people and what they have accomplished,” Bernick added.

Alberto Culver, which also manufactures Nexxus, Noxzema, and Simple, generated sales of almost $1.6 billion and earnings before interest, taxes, depreciation and amortization of over $250 million for the 12-month period ending June 30

“We are delighted to be acquiring Alberto Culver. Their people have done an excellent job of building an impressive range of brands such as TRESemmé, VO5, Nexxus, St. Ives and Simple. These will complement Unilever’s existing portfolio of iconic brands like Dove, Clear and Sunsilk in hair care and Pond’s and Vaseline in skin and will help build on our strong global positions in both the hair care and skin care categories,” Paul Polman, CEO of Unilever said.

Alberto Culver has operations in nine countries, including the US, Canada, Argentina, Mexico, the UK, South Africa and Australasia with six manufacturing facilities and around 2,700 employees.

The acquisition is subject to regulatory approval, approval of the Alberto Culver shareholders and other customary closing conditions.

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