12.27.11
Perfumania Holdings Inc. has agreed to buy Parlux Fragrances Inc. in an estimated $170 million deal that will add to its direct supply of products, according to Bloomberg. The deal would give Perfumania control over its largest trading partner and the maker of the Mark Ecko, Paris Hilton and Nicole Miller fragrance brands. Parlux may solicit competing offers for 30 days. Perfumania is a wholesale distributor and specialty retailer of designer perfumes and fragrances withmore than 370 shops. Parlux is a manufacturer and international distributor of prestige fragrances and beauty related products and is one of Perfumania's largest trading partners.
"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 brings a wealth of products and expertise as a licensee, manufacturer and international distributor," said Mike Katz, Perfumania's President and Chief Executive Officer, in a statement to the press.
"The Parlux management team and Board of Directors are focused on maximizing value for stockholders. This combination achieves that objective by providing our shareholders with a significant premium over the current trading price for their shares as well as the ability to participate in the anticipated growth of a significantly stronger, combined company that is well positioned to deliver long-term value to stockholders and a broader range of product to its valued customers," said Fred Purches, Parlux's chairman and CEO.
"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 brings a wealth of products and expertise as a licensee, manufacturer and international distributor," said Mike Katz, Perfumania's President and Chief Executive Officer, in a statement to the press.
"The Parlux management team and Board of Directors are focused on maximizing value for stockholders. This combination achieves that objective by providing our shareholders with a significant premium over the current trading price for their shares as well as the ability to participate in the anticipated growth of a significantly stronger, combined company that is well positioned to deliver long-term value to stockholders and a broader range of product to its valued customers," said Fred Purches, Parlux's chairman and CEO.
