Reversing a sale from more than a decade ago, Revlon (REV) inked a $660 million deal on Monday to acquire salon-focused The Colomer Group from private-equity firm CVC Capital Partners.

The acquisition is aimed at boosting Revlon’s profitability by expanding its global presence and channel distribution.

Barcelona-based TCG markets and sells professional products to salons and other professionals under brands like Creative Nail professional nail polish, American Crew men’s haircare and Revlon Professional hair care, which it currently licenses from Revlon.

The business has extensive global reach as 50% of its sales are in Europe, the Middle East and Africa and just 40% are in the U.S.

The deal “represents a significant and logical strategic step forward for Revlon as it complements our core business, expands our distribution into new channels, and provides meaningful cost synergy opportunities,” Revlon CEO Alan Ennis said in a statement. “TCG's presence in the professional salon channel, which Revlon currently does not serve, will expand our product offering and enable us to reach new consumers.”

The transaction comes 13 years after Revlon unloaded its professional-products division to private-equity firm CVC for $315 million.

“I am delighted that we are joining the Revlon family,” said TCG CEO Lorenzo Delpani. “My leadership team and the entire Colomer organization are very proud of our accomplishments in building our business, and we look forward to working with Revlon and continuing the positive momentum of our company.”

Revlon said it expects to finance the transaction with funds underwritten by Citigroup (C).  

According to a Securities and Exchange Commission filing, Citi committed to provide Revlon with a new $1.38 billion senior secured term loan facility and a new $140 million asset-based revolving credit facility. The financing is expected to allow Revlon to pay for the TCG deal and refinance about $675 million of debt.

The deal is expected to close in the fourth quarter, subject to regulatory approvals and other conditions.

Shares of Revlon, which were inactive in premarket trading on Monday, have surged about 69% so far this year and 77% over the past 12 months.

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