L’Oreal USA to acquire Essie

NEW YORK L’Oreal USA has signed an agreement to acquire the Essie cosmetics business, a move that will bolster L’Oreal’s share in the nail color and care market.

Financial terms of the deal were not disclosed. The acquisition is expected to be completed within 60 to 90 days, and is subject to customary U.S. and international regulatory approvals.

Essie Weingarten founded the Astoria, N.Y.-based company in 1981 and still serves as the company’s president today. The company offers a growing line of nail colors, treatments, accessories, spa products and lip glosses. Essie’s net sales through the last 12 months were $28 million.

“This strategic acquisition will enable L’Oreal to increase our share in the nail color and care market, which has seen significant growth year over year,” stated Frederic Roze, president and CEO of L’Oreal USA.

Weingarten and Max Sortino, CEO of Essie, will continue to play a pivotal role under a multi-year agreement. “It’s a perfect match,” stated Weingarten. “This acquisition presents a tremendous opportunity to allow the Essie brand to grow even stronger. With Max and me as part of the team, we will be able to provide our customers with a greater level of service as we take the brand to new heights.”