Sally Beauty Holdings Inc. said Friday that it purchased beauty products distributor Schoeneman Beauty Supply Inc. for about $61 million as part of its long-term growth strategy, according to Associated Press.
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The beauty-supply retailer said it used some of its cash on hand to pay for the deal.
Schoeneman's fiscal 2009 sales are expected around $86 million to $89 million. It has 43 professional-only beauty supply stores located in Pennsylvania, Southern New Jersey, Northern Delaware and West Virginia and more than 500 employees.
"We expect this combination to provide us with a greater opportunity to compete in Pennsylvania, Southern New Jersey, Delaware and West Virginia," Beauty Systems Group President John Golliher said in a statement.
Schoeneman will become part of the Beauty Systems Group, a Sally Beauty subsidiary.
The acquisition is expected to add slightly to 2010 earnings and to lift 2011 results.
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