L’Oréal has signed an agreement to acquire Niely Cosmeticos in Brazil, the largest independent hair color and hair care company in the country. Founded in 1981 by Daniel Fonseca de Jesus, Niely Cosmeticos generated net revenue of 405 million Brazilian Reals ($180.7 million) in 2013. The company has two main brands: Cor & Ton in hair color and Niely Gold in hair care. Sold at accessible prices and enjoying a large penetration among the country’s middle class, Niely Cosmeticos products are widely distributed throughout retailers and wholesalers, supermarkets, pharmacies and perfumery chains. Furthermore, Niely Cosmeticos has industrial and logistical facilities in Nova Iguaçu, in the State of Rio.

Niely Group’s founder, Daniel, will be joining L’Oréal Brazil’s Strategic Committee as Vice-President. Of the deal he said, “Cor & Ton and Niely Gold consumers are to benefit from all of L’Oréal’s marketing and research and innovation expertise.”

Brazil is considered one of the biggest and fastest growing hair color and hair care markets in the world, said Frédéric Rozé, Executive Vice-President of L’Oréal in charge of the Americas.