Dabur India, the country's fourth-largest FMCG company and the largest ayurvedic medicine manufacturer, yesterday agreed to buy Namaste Laboratories, a US-based hair care company, for Rs446 crore ($100 million).
The acquisition, which is being made through Dabur's US-based wholly-owned subsidiary Dermoviva Skin Essentials Inc, is expected to close by the end of 2010.
Blue Island, Illinois-based Namaste Laboratories, founded by Gary Gardner in 1996 is a personal care company specialising in hair care products.
It makes several products to treat hair concerns such as hair loss, damaged hair, thinning hair, dry and itchy scalp under its Organic Root Stimulator brand.
Although the company name is a common greeting in India, it has no presence in the country, but its main markets are the Caribbean, Africa, Middle East, certain parts of North America and a small presence in Europe.
For 2009, the company reported revenues of $90 million, 70 per cent of which came from the US market, while the rest came from other regions, mainly Africa. Its net income was $12.5 million.