Perfumania Holdings Inc. is set to acquire Parlux Fragrances Inc. in a merger deal valued at $US170 million.
Parlux’s portfolio includes fragrances by Rihanna, Jessica Simpson and Paris Hilton. Parlux is currently one of Perfumania’s largest trading partners.
Acquisition discussions between the two firms have been taking place since August, with Parlux having until late January to solicit rival bids.
"Parlux brings a wealth of products and expertise as a licensee, manufacturer and international distributor," says Perfumania CEO Mike Katz. The combination of Perfumania and Parlux is a major step toward building a more significant and financially stronger designer fragrance and beauty products company.”
Parlux chairman and CEO Fred Purches says the combined company would be well positioned to deliver long-term value to stockholders and a broader range of product to its valued customers.”
The deal is expected to close in the first half of this year.
