{"id":68553,"date":"2019-04-25T03:06:00","date_gmt":"2019-04-25T07:06:00","guid":{"rendered":"https:\/\/hispanicprwire.com\/english-lg-household-health-care-to-acquire-new-avon-llc\/"},"modified":"2019-04-25T03:06:00","modified_gmt":"2019-04-25T07:06:00","slug":"english-lg-household-health-care-to-acquire-new-avon-llc","status":"publish","type":"post","link":"https:\/\/hispanicprwire.com\/en\/english-lg-household-health-care-to-acquire-new-avon-llc\/","title":{"rendered":"LG Household &amp; Health Care To Acquire New Avon, LLC"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p><span class=\"xn-location\">SEOUL<\/span> and <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">April 25, 2019<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212;\u00a0LG Household &amp; Health Care, Ltd. (&#8220;LG H&amp;H&#8221;, &#8220;the Company&#8221;) (KRX: 051900) today announced that it has entered into a definitive agreement with an affiliate of Cerberus Capital Management, L.P. (&#8220;Cerberus&#8221;) and Avon Products, Inc. (&#8220;Avon Worldwide&#8221;) to acquire New Avon, LLC* (&#8220;Avon North America&#8221;) for <span class=\"xn-money\">$125 million<\/span> in cash. LG H&amp;H will acquire the entirety of Cerberus&#8217; majority interest and Avon Worldwide&#8217;s minority interest in Avon North America. The transaction has been approved by the LG H&amp;H Board of Directors.<\/p>\n<div id=\"prni_dvprnejpgaaf6left\" style=\"WIDTH: 100%; TEXT-ALIGN: left\" dir=\"ltr\"><img decoding=\"async\" id=\"prnejpgaaf6left\" title=\"Avon Logo\" border=\"0\" alt=\"Avon Logo\" align=\"middle\" src=\"https:\/\/mma.prnewswire.com\/media\/356238\/Avon_Logo.jpg\" imagelabel=\"General\"\/><\/div>\n<p>LG H&amp;H is Korea&#8217;s leading consumer goods company, with strong market positions in all major categories including cosmetics, personal care and home care. Korea is one of the world&#8217;s largest and most innovative beauty markets, with over <span class=\"xn-money\">$13.1 billion<\/span> in sales in 2018<sup>(1)<\/sup>. LG H&amp;H currently distributes a number of its brands in the U.S., including\u00a0belif and The history of Whoo. <\/p>\n<p>The addition of <span class=\"xn-location\">Avon&#8217;s<\/span> iconic brand, award-winning products, dedicated employee base and network of 250,000 sales representatives throughout <span class=\"xn-location\">North America<\/span> will support LG H&amp;H&#8217;s international growth plans. Under LG H&amp;H&#8217;s ownership, Avon North America will continue its strategy of product innovation, while strengthening its position as the leading social selling beauty company in the region. Avon <span class=\"xn-location\">North America<\/span> is expected to benefit from LG H&amp;H&#8217;s world-class R&amp;D capabilities in cosmetics, personal care, fragrance, packaging and design. <\/p>\n<p><span class=\"xn-person\">Suk Cha<\/span>, CEO of LG Household &amp; Health Care, said,\u00a0&#8220;We recognize Avon North America&#8217;s strong brand, leading market position in the region, and talented employees and Representatives. Avon <span class=\"xn-location\">North America&#8217;s<\/span> innovative social selling model builds deep connections with customers and we are excited to leverage this as we continue to expand. We look forward to building on Avon North America&#8217;s success to drive customer engagement and long-term growth in this market.&#8221;<\/p>\n<p>&#8220;LG H&amp;H respects and admires our strong community of Representatives, and supports our mission to empower women through economic opportunity,&#8221; said <span class=\"xn-person\">Laurie Ann Goldman<\/span>, CEO of Avon North America. &#8220;We are thrilled to welcome our new partner, who shares our commitment to innovation, and our clear focus on putting customers first. We have appreciated our partnership with Cerberus over the last three years and their support as we strengthened the company and reset our path toward long-term success.&#8221; <\/p>\n<p><span class=\"xn-person\">Michael F. Sanford<\/span>, Co-Head of Private Equity and Senior Managing Director at Cerberus, added, &#8220;LG H&amp;H is a global leader in cosmetics and beauty products, its commitment to investing in the Avon brand and product lines makes LG H&amp;H a great long-term home for Avon North America.&#8221;<\/p>\n<p>The transaction is expected to close on <span class=\"xn-chron\">September 30, 2019<\/span> and is subject to certain customary closing conditions, including regulatory approvals in the U.S.<\/p>\n<p>Kirkland &amp; Ellis LLP acted as legal counsel to Avon North America in relation to this transaction. <\/p>\n<p><b>ABOUT LG HOUSEHOLD &amp; HEALTH CARE<br \/><\/b>LG Household &amp; Health Care (LG H&amp;H) is the #1 consumer goods company in Korea, with leading positions in all major categories including cosmetics, personal care, home care and beverages. The company is listed on the Korea Stock Exchange with a market capitalization of USD <span class=\"xn-money\">$20 billion<\/span> and full-year revenue of approximately USD <span class=\"xn-money\">$6 billion<\/span> for 2018. In recent years, LG H&amp;H has accelerated its expansion beyond Korea, with leading luxury cosmetics brands such as &#8216;The history of Whoo&#8217;, &#8216;su:m&#8217; and &#8216;belif&#8217;, and is now one of the top global cosmetics companies in <span class=\"xn-location\">Asia<\/span>.<\/p>\n<p><b>ABOUT NEW <span class=\"xn-location\">AVON<\/span> LLC<br \/><\/b>New <span class=\"xn-location\">Avon<\/span>, LLC (&#8220;Avon North America&#8221;) is the leading social selling beauty company in <span class=\"xn-location\">North America<\/span>, with independent sales Representatives throughout <span class=\"xn-location\">the United States<\/span>, <span class=\"xn-location\">Puerto Rico<\/span>, and <span class=\"xn-location\">Canada<\/span>. Avon <span class=\"xn-location\">North America&#8217;s<\/span> portfolio includes award-winning skincare, color cosmetics, fragrance, personal care, and health and wellness products featuring brands such as ANEW, Avon True Color, Espira, and Skin So Soft, as well as fashion and accessories. <span class=\"xn-location\">Avon<\/span> has a 133-year history of empowering women through economic opportunity, and supporting the causes that matter most to women. <span class=\"xn-location\">Avon<\/span> philanthropy has contributed over <span class=\"xn-money\">$1 billion<\/span> globally toward eradicating breast cancer and domestic violence. Learn more about Avon North America and its products at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2445826-2&amp;h=3158259487&amp;u=https%3A%2F%2Flinkprotect.cudasvc.com%2Furl%3Fa%3Dhttp%253a%252f%252fwww.avon.com%252f%26c%3DE%2C1%2ChfgMm_cyuuLAvOgYtuOilxow3pIj469wcX_CuvnX7Vy66aH_Rw0iRG7BDXqASK7fjz4kvN8xWpHHPw_fc_XBxf27qhIxNVQEHNrjGjd8_la5frzGaW6nFg%2C%2C%26typo%3D1&amp;a=www.avon.com\" rel=\"nofollow\">www.avon.com<\/a>.<\/p>\n<p><b>ABOUT CERBERUS <br \/><\/b>Founded in 1992, Cerberus is a global leader in alternative investing with approximately <span class=\"xn-money\">$39 billion<\/span> in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2445826-2&amp;h=1319667822&amp;u=https%3A%2F%2Flinkprotect.cudasvc.com%2Furl%3Fa%3Dhttp%253a%252f%252fwww.cerberus.com%252f%26c%3DE%2C1%2C3PGEaDUkT_UMK_cSM0Tsuv_zjvv0NnyHuoTWgNhYMRgpZvxvYIQfDwUXZf5P2anhArDS7zbKV6eMP7IEa5Q65oF8-1bvgu7Tpxm3gmq-uh4BnB38UnO5JibTzEY%2C%26typo%3D1&amp;a=www.cerberus.com\" rel=\"nofollow\">www.cerberus.com<\/a>.<\/p>\n<p><b>CONTACTS:<br \/><\/b>Avon <span class=\"xn-location\">North America<\/span>: <br \/><a target=\"_blank\" href=\"mailto:OfficeoftheCEO@avonusa.com\" rel=\"nofollow\">OfficeoftheCEO@avonusa.com<\/a><\/p>\n<p>Cerberus: <br \/>Sard Verbinnen &amp; Co<br \/><span class=\"xn-person\">David Millar<\/span> \/ <span class=\"xn-person\">Abi Genis<\/span> <br \/>+1 212-687-8080<br \/>Camilla Scassellati-Sforzolini <br \/>+44 20 7467 1050<\/p>\n<p>*New Avon, LLC (&#8220;Avon North America&#8221;) is a privately held company, established in <span class=\"xn-chron\">March 2016<\/span>, which develops and distributes products under the &#8220;<span class=\"xn-location\">Avon<\/span>&#8221; name in <span class=\"xn-location\">the United States<\/span>, <span class=\"xn-location\">Canada<\/span>, and <span class=\"xn-location\">Puerto Rico<\/span> \u2013 only.\u00a0 All products in <span class=\"xn-location\">the United States<\/span>, <span class=\"xn-location\">Canada<\/span>, and <span class=\"xn-location\">Puerto Rico<\/span> bearing the <span class=\"xn-location\">Avon<\/span> name are products of Avon North America. Avon <span class=\"xn-location\">North America<\/span> is a separate company \u2013 a wholly different legal entity \u2013 from Avon Products, Inc. (&#8220;Avon Worldwide&#8221;), which is a global publicly traded corporation, operating in countries outside <span class=\"xn-location\">the United States<\/span>, <span class=\"xn-location\">Canada<\/span>, and <span class=\"xn-location\">Puerto Rico<\/span>.<\/p>\n<p>(1)\u00a0\u00a0\u00a0 According to Mintel, a global market intelligence agency. <\/p>\n<p>Logo &#8211; <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2445826-2&amp;h=543905826&amp;u=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F356238%2FAvon_Logo.jpg&amp;a=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F356238%2FAvon_Logo.jpg\" rel=\"nofollow\">https:\/\/mma.prnewswire.com\/media\/356238\/Avon_Logo.jpg<\/a> <\/p>\n<p>SOURCE  New Avon LLC<\/p>\n<\/div>\n<p> <\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p><span class=\"xn-location\">SEOUL<\/span> and <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">April 25, 2019<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212;\u00a0LG Household &amp; Health Care, Ltd. (&#8220;LG H&amp;H&#8221;, &#8220;the Company&#8221;) (KRX: 051900) today announced that it has entered into a definitive agreement with an affiliate of Cerberus Capital Management, L.P. (&#8220;Cerberus&#8221;) and Avon Products, Inc. (&#8220;Avon Worldwide&#8221;) to acquire New Avon, LLC* (&#8220;Avon North America&#8221;) for <span class=\"xn-money\">$125 million<\/span> in cash. LG H&amp;H will acquire the entirety of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":68554,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-68553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-negocios-y-finanzas"],"acf":[],"_links":{"self":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/68553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/comments?post=68553"}],"version-history":[{"count":0,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/68553\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media\/68554"}],"wp:attachment":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media?parent=68553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/categories?post=68553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/tags?post=68553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}