New Delhi: FMCG major Dabur Monday said it has completed the acquisition of the US based personal care firm Namaste Group for $100 million (about Rs451 crore) in an all-cash deal.
“The company’s wholly-owned subsidiary Dermoviva Skin Essentials has completed the acquisition process by acquiring 100% stake in leading personal care companies of Namaste Group, US,” Dabur said in a statement.
In November last year, Dabur had announced that it is acquiring Namaste Laboratories LLC and its three subsidiary companies — Hair Rejuvenation & Revitalisation Nigeria Limited, Healing Hair Laboratories International, LLC, and Urban Laboratories International, LLC along with its South African arm.
The acquisition has been done through the US-based subsidiary Dermoviva Skin Essentials, it added.
“The completion of this acquisition represents a significant step for Dabur in our strategy to accelerate growth in the international market,” Dabur India Group director P D Narang said
He said the acquisition will help in consolidating and expanding Dabur’s presence in Africa, “serving as one of the key pillars” in strengthening its position in the region.
Founded in 1996, Namaste Laboratories markets a portfolio of products under the brand ‘Organic root stimulator’ brands. It is present in the US, and in several other countries in Africa, Middle East, Europe and Caribbean Region of North America.
The firm said the acquisition marks Dabur’s entry into the fast-growing $1.5-billion ethnic hair care products market in the US, Europe and Africa.
This is the second overseas acquisition of the company within a span of one year. In September, 2010, the company had completed acquisition of Turkish personal care firm Hobi Kozmetik Group for $69 million (about Rs324 crore) to strengthen its presence in the Middle East and North Africa.
Shares of Dabur India were trading at Rs100.85, up 0.60% from its previous close on the Bombay Stock Exchange.