September 8, 2014 / 6:50 AM / 4 years ago

L'Oreal to buy Brazilian hair care group Niely Cosmeticos

The logo of French cosmetics group L'Oreal is seen on the company's building in Clichy, near Paris, July 24, 2014. REUTERS/Benoit Tessier

PARIS (Reuters) - L’Oreal (OREP.PA) said on Monday it had signed an agreement to acquire Niely Cosmeticos Group which it said was Brazil’s largest independent hair coloration and hair care company.

Financial terms were not disclosed.

Niely Cosmeticos Group had net revenue of around 140 million euros ($181 million) last year. Its products are distributed in supermarkets, pharmacies and perfume chains and are popular with Brazil’s growing middle class, L’Oreal said in a statement.

Reporting by Natalie Huet, editing by Astrid Wendlandt

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