The three brands have a combined annualized revenue of approximately US$168 million and will be added to the French beauty giant’s Active Cosmetics division.
"The acquisition of CeraVe, AcneFree and Ambi strongly complement L'Oréal's brand portfolio," said Frédéric Rozé, President and CEO of L'Oréal USA. "These three brands, built on strong relationships with health professionals and widely distributed, will nearly double the revenue of our Active Cosmetics Division in the US and will help us satisfy the growing demand for active skin care at accessible prices."
Added Brigitte Liberman, President of L'Oréal Active Cosmetics Division, "We are thrilled to add CeraVe, AcneFree and Ambi to L'Oréal's Active Cosmetics Division. These brands will deepen our relationships with health professionals and will strengthen our positions in North America in this key and fast growing market. Furthermore, we believe CeraVe has a great potential for international growth in the years to come."
"We are pleased to announce the progress we are making in reshaping our product portfolio and driving value for our shareholders," said Valeant CEO Joseph C. Papa. "The success of these products, and today's transaction, is a testament to the Valeant teams who have impressively grown these brands over the past several years. We believe these products will benefit even further from the resources and capabilities of a global beauty company like L'Oréal, which is well equipped to build on the success of these brands and expand into new global markets. Our remaining consumer products business is well positioned for continued advancement within Valeant's portfolio."