Syneron Medical Ltd and Unilever Ventures are joining forces in a new home beauty device venture.
“Iluminage Beauty” combines the Syneron’s aesthetic home-use subsidiary, Syneron Beauty Ltd, and Unilever’s luxury beauty subsidiary, Iluminage™ Inc. It 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.
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..
Syneron Beauty currently markets the me™ brand of home-use hair removal systems, the Pearl™ family of teeth whitening products, and the Tanda™ family of home-use light therapy products.