Elizabeth Arden, Inc.NASDAQ
Elizabeth Arden: Looking Behind The Red Door
Timberwolf Equity Research
Timberwolf Equity Research
Sat, Sep. 17, 10:07 AM
- The IPO market gets a makeover next week with the public launch of e.l.f. Beauty (Pending:ELF). The company is selling 9.58M shares in an expected range of $14 to $16.
- The cosmetics brand is sold through e.l.f.'s website and is available at retailers such as Ulta Salon and Target, and CVS. The e.l.f. filing says the mass market cosmetics seller aims to take floor space from legacy brands (heads up AVP, EL, RDEN, REV). Wal-Mart (NYSE:WMT) is mentioned in the S-1, while Amazon is MIA.
- SEC S-1 dive: "We have major distribution whitespace, as we are currently in only approximately 19,000 national retail stores in the United States and believe there are thousands of additional stores available to us."
- The leading underwriters for the IPO are JPMorgan and Morgan Stanley, A lockup period of 180 days applies. TPG Growth holds a majority stake in e.l.f.
- What to watch: While consumer spending in the U.S. has been choppy, some analysts see demand in the lower-priced cosmetics category remaining strong. The spectacular run for Ulta Salon (NASDAQ:ULTA) over the last couple of years backs that trend and could be an indication of a long growth runway for e.l.f.
Thu, Sep. 8, 7:24 AM
- Revlon (NYSE:REV) announces it completed the $870M acquisition of Elizabeth Arden (NASDAQ:RDEN).
- The transaction combines a list of brands which includes Revlon, Elizabeth Arden, Revlon ColorSilk, Revlon Professional, American Crew, Juicy Couture, John Varvatos, Wildfox Couture, Curve, Elizabeth Taylor, Britney Spears, Christina Aguilera, Giorgio Beverly Hills, and Jennifer Aniston.
- “The combination of two iconic companies creates a multi-brand, global beauty enterprise and tremendous opportunity for long-term growth and value creation,” says CEO Mr. Fabian Garcia.
- Revlon used funds released from escrow, together with the borrowings under new credit facilities and cash on hand, to fund the acquisition and terminate and refinance its previously-existing term loan and asset-based revolving credit facilities, as well as all of Elizabeth Arden’s indebtedness.
- Source: Press Release
Wed, Aug. 10, 4:03 PM
Mon, Jun. 20, 12:30 PM
Fri, Jun. 17, 12:47 PM
Fri, Jun. 17, 12:00 PM
Fri, Jun. 17, 9:14 AM
Thu, Jun. 16, 4:39 PM
- Revlon, Inc. (REV) and Elizabeth Arden, Inc. (RDEN) today announced that they have signed a definitive agreement under which Revlon will acquire all of the outstanding shares of Elizabeth Arden for $14.00 per share in cash, representing an enterprise value for Elizabeth Arden of approximately $870 million.
- Cost synergies of approximately $140 million are expected to be achieved through the elimination of duplicative activities, leveraging purchasing scale, and optimizing the manufacturing and distribution networks of the combined company.
- Fabian Garcia, President and Chief Executive Officer of Revlon, Inc., said: “This acquisition is strategically and financially compelling. Elizabeth Arden and Revlon are both known for their iconic brands, entrepreneurial spirit and commitment to innovation, quality and excellence. Revlon plans to build upon Elizabeth Arden’s ongoing transformation by further enhancing the brand, with even more vibrant and relevant product development and marketing, while carefully preserving its unique heritage within prestige. Combining our brands, talent, and global distribution will give our company a significant presence in all major channels and categories, while accelerating sales growth in existing and new geographic regions. We look forward to bringing together our two top-notch teams to form a global leader in beauty.”
- E. Scott Beattie, Chairman, President and Chief Executive Officer of Elizabeth Arden, said: “We believe this is a compelling transaction that delivers certain value to our shareholders, while recognizing the unique equity in the Elizabeth Arden brand, our impressive fragrance portfolio and global footprint, as well as the positive momentum and growth potential for our business. We look forward to working with the Revlon leadership team to create a leading global beauty company, able to provide accelerated growth for the Elizabeth Arden-branded products as well as our prestige licensed fragrance portfolio, and broader opportunities for many of our employees.”
- Under the terms of the agreement, Revlon will acquire all of the outstanding shares of Elizabeth Arden for $14.00 per share in cash, which represents a 50% premium over Elizabeth Arden’s closing share price of $9.31. The transaction, including repayment of Elizabeth Arden debt and preferred stock, implies an enterprise value for Elizabeth Arden of approximately $870M.
- BofA Merrill Lynch and Citigroup Global Markets Inc. have committed approximately $2.6 billion of financing to fund the acquisition and refinance Elizabeth Arden’s existing debt, as well as Revlon’s existing bank term loan and revolving credit facility. Revlon’s existing senior notes will remain outstanding. Assuming full realization of expected multi-year synergies and cost reductions of approximately $140 million, Revlon expects pro forma leverage will be approximately 4.2x Net Debt/Adjusted EBITDA by the end of 2016. The combined company will be well positioned to de-lever based on its anticipated strong cash flow.
Tue, Jun. 14, 12:00 PM
Mon, Jun. 6, 12:00 PM
Wed, May 25, 12:50 PM
Wed, May 25, 12:03 PM
Thu, May 5, 7:10 AM
- Elizabeth Arden (NASDAQ:RDEN): FQ3 EPS of -$0.59 beats by $0.15.
- Revenue of $191.9M (+0.1% Y/Y) beats by $1.57M.
Wed, May 4, 5:30 PM
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Fri, Feb. 5, 9:07 AM
- Shares of Elizabeth Arden (NASDAQ:RDEN) are sharply lower after a dismal earnings report.
- Revenue for the company's product category which included celebrity fragrances fell 10% during the quarter. Celebrities with a brand at Elizabeth Arden include Justin Bieber, Mariah Carey, Nicki Minaj, and Taylor Swift.
- Adjusted EBITDA margin rate fell 260 bps to 6.4% in FQ2.
- Previously: Elizabeth Arden misses by $0.50, misses on revenue (Feb. 04 2016)
- RDEN -28% premarket to reach a multi-year low of $5.80.
Thu, Feb. 4, 4:33 PM
- Elizabeth Arden (NASDAQ:RDEN): FQ2 EPS of $0.10 misses by $0.50.
- Revenue of $316.2M (-5.2% Y/Y) misses by $27.48M.