Unilever to Buy TIGI Hair-Care Business

Unilever to Buy TIGI Hair-Care Business

Unilever agreed to buy the TIGI professional hair-product business and its hair-care schools for $411.5 million from the owners of Toni & Guy hair salons.

Unilever, whose products include Ben & Jerry's ice cream, Hellmann's mayonnaise and Dove soap, said Monday that the acquisition illustrates its strategy of focusing on personal care and higher-growth areas.

With the TIGI deal, the Anglo-Dutch consumer-goods company will add brands such as Bed Head and Catwalk to its lineup, which includes hair-product lines Sunsilk and Suave.

"TIGI's strength in styling and its fashion and beauty expertise will also help us raise the bar on innovation for our existing hair brands," said Vindi Banga, Unilever's president of foods, home and personal care.

The deal is expected to close by the end of March, subject to regulatory approval.

TIGI employs about 550 people and has operations in the U.S., U.K., Italy, Germany and Australia.

It had sales of $250 million last year, with almost half coming from the U.S.

The business will operate as a stand-alone global unit within Unilever and will report to Michael B. Polk, president of Unilever Americas.

The deal doesn't include the Toni & Guy salons or the Toni & Guy brand, which are owned by Toni Mascolo.