Procter & Gamble plans to acquire First Aid Beauty (FAB), a rival independent skin care brand. The acquisition has a value of $250 M, according to reports.
FAB brings to P&G its products for sensitive skin and conditions such as eczema and dryness.
P&G says FAB will operate as a wholly owned subsidiary. FAB CEO Lilli Gordon, who founded FAB in 2009, will stay on as CEO, as will her current management team. Other FAB employees will transition to P&G.
FAB has some $50 M in annual sales, according to the same sources that pegged the buyout at $250 M.
This is the fifth recent acquisition for P&G. CEO David Taylor says more may be on the way.
A closing date for the purchase hasn’t been announced.