Home Industry News Sally Beauty Acquires Schoeneman Beauty Supply

Sally Beauty Acquires Schoeneman Beauty Supply

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Published: October 02, 2009
By Melissa Hill

With financial analysts pointing to a resumption of mergers and acquisitions as evidence of a recovering economy, today the salon industry joined in, as it was announced that Sally Beauty Holdings’ subsidiary Beauty Systems Group has acquired Schoeneman Beauty Supply in a deal worth $61 million. The addition of family-owned Schoeneman, which is headquartered in Pottsville, Pennsylvania, is expected to increase BSG’s presence in the Northeast region.

“The Beauty Systems Group segment was built through a series of strategic acquisitions such as Schoeneman,” says 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. In fact, during the fiscal 2009 fourth quarter, we made an optional repayment of $20 million on our term loan facilities.”

Schoeneman employs over 500 people, including over 100 direct sales consultants. Sales revenue in fiscal 2009 is projected to be in the range of $86 million to $89 million. The company owns 43 professional-only beauty supply stores located in Pennsylvania, Southern New Jersey, Northern Delaware and West Virginia. The direct sales consultants further extend its distribution reach to Maryland, Washington D.C., and Northern Virginia. Schoeneman carries approximately 10,000 SKU’s with a focus on the mid-to-high end of beauty professional products.

“We are excited about Sally’s Beauty System Group LLC acquisition,” says Dale Schoeneman, Chief Executive Officer of Schoeneman Beauty Supply. “Not only do the two companies share similar cultures, but the added scale and financial resources of the BSG organization bring enormous benefits to our customers, employees, suppliers and community. The Schoeneman family looks forward to BSG’s management team bringing new opportunities to the business.”

On a related note, Empire Education Group, which is owned by Frank Schoeneman, Dale Schoeneman's brother, and also headquartered in Pottsville, Pennsylvania, remains a separate, independent company and is not impacted by the acquisition.

 

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