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P&G to buy haircare brand Frederic Fekkai

Tue Mar 25, 2008 1:27pm EDT

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CHICAGO, March 25 (Reuters) - Procter & Gamble Co (PG.N) on Tuesday said it was buying high-end hair-care products maker Frederic Fekkai & Co in a move to expand its portfolio in the faster-growing, higher-margin beauty business.

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Financial terms of the acquisition from a unit of private equity firm Catterton Partners were not disclosed.

Fekkai's products are sold in up-market department stores such as Nordstrom's (JWN.N) and Neiman Marcus, as well as at Fekkai's salons.

"We believe the idea of more exposure in this category, high-end hair care, is a positive," Bear Stearns analyst Justin Hott said in a research note.

"It certainly improves P&G's high-end hair-care portfolio, currently spearheaded by Wella, Sebastian, and Graham Webb," Hott added.

P&G shares were down 38 cents at $69.59 on Tuesday on the New York Stock exchange. The stock is down more than 5 percent this year. (Reporting by Brad Dorfman; editing by Gunna Dickson)

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