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Companies team for technologies
MINNEAPOLIS, Nov. 15 (UPI) -- Regis Corp. in Minneapolis Monday agreed to buy Hair Club for Men and Women in Boca Raton, Fla., for $210 million.
Regis, who is the owner of hair salons and beauty schools said it will finance the transaction with debt and expects to close the deal in December. The deal is expected to provide strong, predictable cash flow.
Regis said the purchase should add $50 million in revenue and be modestly accretive to earnings during the second half of its fiscal year ending June 30, 2005.
In fiscal year 2006, Regis expects Hair Club to add $115 million in revenue and $2.8 million in net income, or 6 cents a share. Regis said the acquisition won't impact prior growth expectations of the company's salon and beauty school businesses.
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