Elizabeth Arden: Looking Behind The Red Door
Timberwolf Equity Research
Timberwolf Equity Research
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- 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.
- Source: Press Release
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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.
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Dec. 7, 2015, 2:22 PM
- Select consumer staples continue to show some resiliency after last week's U.S. jobs report came in strong.
- Personal care stocks Avon Products (AVP +4%), Estee Lauder (EL +1.6%), and Elizabeth Arden (RDEN +3.2%) are all higher. Activist investors circling Avon are also a factor along with the consumer spending optimism.
- The grocery store sector is up solidly, led by Kroger (KR +2.2%), Sprouts Farmers Market (SFM +2.2%), Ingles Markets (IMKTA +0.7%), and Supervalu (SVU +1.8%). Whole Foods Market (WFM +4.3%) is also up a brisk 4.3%, although the company tiptoes the line between discretionary and staples.
- The buying action on the names above along with the strong day for the beverage sector have been enough to keep the S&P Consumer Staples ETF (NYSEARCA:XLP) in positive territory even with broad market averages lower.
- Last week: Rally mode for consumer-facing stocks (Dec. 04 2015)
- ETFs: XLP, VDC, FXG, RHS, FSTA
Elizabeth Arden, Inc. operates as a global beauty products company, which engages to sell fragrances, skin care and cosmetic products to retailers. It operates through two segments: North America and International. The North America segment sells the company's portfolio of owned, licensed and... More
Sector: Consumer Goods
Industry: Personal Products
Country: United States