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The aim of the joint venture is to develop and bring to consumers innovative, high performance beauty solutions, empowering them with professional level devices for at-home use.
The joint venture combines the global business and expertise of Syneron’s aesthetic home-use subsidiary, Syneron Beauty Ltd., and Unilever’s luxury beauty subsidiary, Iluminage™ Inc. The joint venture will leverage Unilever’s global experience in the development and marketing of consumer beauty products and Syneron Medical’s expertise in professional aesthetic device technology.
Olivier Garel, Managing Director of Unilever Ventures said:
“We are delighted to enter this partnership and joint venture with Syneron. There is a clear market opportunity to develop home use beauty devices which deliver a step change in benefits for the consumers. Syneron have successfully brought to market some of the most advanced and efficient aesthetic technologies over the last thirteen years. This move gives our combined operations the resources and access to unique patented technologies to grow and expand the business. We look forward to supporting the management team in this exciting next phase of development.”
Shimon Eckhouse, Chief Executive Officer of Syneron Medical, commented:
“Unilever is an ideal partner with consumer brand experience and significant global resources. We believe this joint venture represents the best opportunity to maximize our investment in Syneron Beauty and benefit from its growth potential as part of Iluminage Beauty, while also enabling Syneron Medical to focus resources on its professional aesthetic devices business. The combined Iluminage Beauty business will be well positioned to gain share in the global market, which will build value for our shareholders.”
Fabian Tenenbaum, Chief Executive Officer of Syneron Beauty, added:
“Iluminage has a strong portfolio of products that are complementary to our offerings. Together, we will offer customers around the world some of the most advanced technologies in the fast growing luxury beauty market.”
Under terms of the agreement, Unilever Ventures, the venture capital and private equity arm of Unilever, will invest $25 million and Unilever will also sell and transfer its luxury beauty subsidiary Iluminage to the joint venture, and Syneron Medical will sell and transfer its Syneron Beauty subsidiary and related home-use businesses to the joint venture, creating Iluminage Beauty. Unilever Ventures will hold 51% of Iluminage Beauty and Syneron Medical will retain the remaining 49%.
The companies expect the transaction to close before the end of the year, subject to customary closing conditions and regulatory approvals.