Personal-care products maker Helen of Troy Ltd said it agreed to buy the Pert Plus hair care and Sure anti-perspirant and deodorant brands from Innovative Brands LLC and expects the businesses to generate about $65 million in annual sales.
The acquisition, expected to close at the end of this month, will be accretive upon integration into its Idelle Labs division, the company said in a statement.
Idelle Labs sells brands such as Infusium 23, Ogilvie, Brut, Vitalis, Final Net, Vitapointe, Condition 3-in 1, Sea Breeze and Ammens through professional, mass merchant, drug store and grocery distribution channels.
Shares of the company, which had acquired the Infusium 23 hair-care business from Procter & Gamble Co about a year ago, closed at $24.80 Tuesday on Nasdaq. (Reporting by Abhishek Takle in Bangalore; Editing by Bijoy Koyitty)