French cosmetics group L’Oreal SA (EPA:OR) announced today it had agreed to buy US-based make-up specialist Urban Decay Cosmetics LLC from private equity firm Castanea Partners Inc for an undisclosed sum.
The transaction is awaiting regulatory clearance and is scheduled for completion by the end of the year. Through it, L’Oreal will complement its own portfolio of brands.
Commenting on the deal, L’Oreal USA’s CEO Frederic Roze stated it will enhance the company’s position in the assisted self-service and e-commerce distribution channels in the US.
Based in Newport Beach, California, Urban Decay offers products in the eye category like Naked Palette and Naked Skin. The business achieved sales of USD130m (EUR100.3m) in the fiscal year to June 2012.