Alberto-Culver Announces Completion of Separation
Alberto-Culver Announces Completion of Separation
Alberto-Culver announced that it has completed the separation of its consumer products business and its beauty supply distribution business.
As a result of the transaction, Alberto-Culver has split into two separate publicly-traded companies: new Alberto-Culver, a worldwide manufacturer and marketer of leading personal care products, and Sally Beauty Holdings, Inc., a leading distributor of professional beauty supplies. As part of the transaction, Alberto-Culver shareholders will receive a $25.00 per share special cash dividend, and also receive one share of common stock of new Alberto-Culver and one share of common stock of new Sally Beauty Holdings for each share of Alberto-Culver held on the closing date. The shares of each company's common stock have been authorized for listing on the New York Stock Exchange. Beginning tomorrow, new Alberto-Culver will continue to trade under its traditional symbol, "ACV," and Sally Beauty Holdings will trade under the symbol "SBH."
Carol L. Bernick, Executive Chairman of the Alberto-Culver Company, commented, "Today we close a very successful chapter in Alberto-Culver's history. My thanks, and the thanks of our Board go out to the many people in our consumer products groups and at Sally Beauty that have contributed to our success over the years as well as for the hard work and efforts that went into making this transaction happen. We are proud of our history and past accomplishments, but we are primarily future-focused. The new Alberto-Culver has a strong portfolio of brands, proven leadership, a strong culture and a well-crafted vision of growth. Sally Beauty Holdings has a seasoned management team, a strong reputation as an industry leader and a dynamic new partner in Clayton, Dubilier & Rice. But perhaps most importantly, the real strength and competitive edge for both companies is a team of outstanding employees around the world who have demonstrated the ability to win and are looking forward to the challenge of continuing to win in each of our markets. The boards of Alberto-Culver and Sally Beauty Holdings, our management teams and our great employees remain committed to our shareholders and to doing what is best for them over the long term."
V. James Marino, the newly appointed President and Chief Executive Officer of Alberto-Culver, added, "We are very pleased to have the separation behind us. As we set our sights on the future, our sole focus and attention will be directed towards our consumer brands. As part of that focus, we will continue to invest behind our brands, keeping them relevant and fresh in the minds of our consumers. With a portfolio of well recognized and respected hair care names such as TRESemme, Nexxus, and Alberto VO5 and leading ethnic hair care brands such as Motions and Soft & Beautiful and a powerful skin care franchise in St. Ives, in addition to leading niche household brands including Mrs. Dash and Static Guard, we are enthusiastic about our abilities and opportunities to grow the business. Our generous cash flow and strong balance sheet should enable us to explore strategic acquisitions that can complement and enhance our existing portfolio. We have proven over many years that our consumer business can succeed in what has become a very competitive environment. We hope to continue that success. Our brands, people, culture and passion to win will not disappear or change as a result of the separation."
Howard B. Bernick, who today retired from his role of President and Chief Executive Officer of Alberto-Culver, stated, "This is an exciting day and time for our shareholders. As I reflect back on my 30 years at Alberto-Culver, I am extremely proud of our accomplishments. It has been so many people, so many events and so many moments in time that have defined our progress and this Company. My sincere gratitude and thanks to all of our shareholders, Board members, management team and employees worldwide along with the many others who I have had the pleasure to work with over these past 30 years. Both of our new companies are well positioned to succeed and are in extremely capable hands with Jim Marino and Gary Winterhalter at their helms. I hope that you continue to share with me as shareholders in their future growth and prosperity."
Alberto-Culver Company manufactures, distributes and markets leading personal care products including Alberto VO5, St. Ives, TRESemme and Nexxus 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. Its Pro-Line International unit is the second largest producer in the world of products for the ethnic hair care market with leading brands including Motions and Soft & Beautiful. Its Cederroth International unit is a major consumer goods marketer in the Nordic countries.
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