An Ignoble Experiment: Salon City News Bulletin

2009/10/02

Salon City News Bulletin

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SALON CITY MAGAZINE
Media News Bulletin
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Schoeneman Sells
to Sally for $61M
Pottsville, PA is Now SallyLand
Schoeneman [http://rs6.net/tn.jsp?et=1102741317965&s=14280&e=001iupTcvmvJVqiSKGqnC0YEFMcmag2TdftEPG53TV4x7m9L2rE9jK9e1uAS8RIJvNdYfR2mWVzYNkp0X_s44C4-7ljrC2qtLnjVSYQv0eaNlzJ_m-XsMCUZA==]
Schoeneman Has Their Big Fall Show This Weekend in Atlantic City
The Schoeneman Family
The End of an Era in
"Blue Blood" Salon Distribution
Salon City Magazine Reports the News.
(The Dallas Business Journal ) Beauty supply company Sally Beauty Holdings Inc.
said its subsidiary has acquired Schoeneman Beauty Supply Inc., a distributor of
professional beauty products that has a significant presence in the Northeast region
of the United States.
Denton-based Sally Beauty (NYSE: SBH) said its subsidiary Beauty Systems Group LLC
paid $61 million in cash to close the transaction. Through the acquisition, Sally
Beauty's subsidiary is gaining a company that has 500 employees, 100 direct sales
consultants and a sales revenue that is estimated to be in the $86 million to $89
million range.
Schoeneman is based in Pottsville, Pennsylvania. The company has 43 beauty supply
stores in Pennsylvania, Southern New Jersey, Northern Delaware and West Virginia.
The company also has direct sales consultants working in Maryland, Washington D.C.
and Northern Virginia.
"The Beauty Systems Group segment was built through a series of strategic acquisitions
such as Schoeneman," said Gary Winterhalter, CEO of Sally Beauty Holdings. "We believe
Schoeneman is a natural addition to our BSG business and supports our long-term
objective to grow the company. We utilized some of our available cash to fund the
acquisition, but still have ample liquidity to grow organically and pay down debt."
During the fourth quarter of fiscal 2009, Winterhalter said the company was even
able to make a repayment of $20 million on a loan.
Salon City Magazine - More News Faster
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