Revlon to buy Colomer Group for $660 million

Revlon will buy The Colomer Group, a privately held Spanish beauty care company, for $660 million from CVC Capital Partners to boost its presence in salons.

Colomer Group markets and sells products such as Revlon Professional hair care under license to salons and other businesses.

The Colomer family and CVC Capital Partners bought Revlon's professional products business in 2000 to form The Colomer Group.

"TCG's presence in the professional salon channel, which Revlon currently does not serve, will expand our product offering and enable us to reach new consumers," Revlon Chief Executive Alan Ennis said.

The deal is expected to close in the fourth quarter.

Revlon said it expects to finance the deal using funds underwritten by Citigroup Global Markets Inc.

Barcelona-headquartered Colomer gets 40 percent of its revenue from the United States. It sells consumer brands such as Natural Honey body lotions and Llongueras hair care.