NEW YORK and LONDON, Nov. 11,
2013 /PRNewswire/ -- Syneron Medical Ltd. (NASDAQ: ELOS),
the global market leader in aesthetic medical devices, and Unilever
Ventures, today announced a definitive agreement to form a joint
venture in home beauty devices: 'Iluminage Beauty'. The aim of the
joint venture is to develop and bring to consumers innovative, high
performance beauty solutions, empowering them with professional
level devices for at-home use.
(Logo: http://photos.prnewswire.com/prnh/20120528/535447)
The joint venture combines the global business and expertise of
Syneron's aesthetic home-use subsidiary, Syneron Beauty Ltd., and
Unilever's luxury beauty subsidiary, Iluminage™ Inc. The joint
venture will leverage Unilever's global experience in the
development and marketing of consumer beauty products and Syneron
Medical's expertise in professional aesthetic device
technology.
Olivier Garel, Managing Director
of Unilever Ventures said: "We are delighted to enter this
partnership and joint venture with Syneron. There is a clear market
opportunity to develop home use beauty devices which deliver a step
change in benefits for the consumers. Syneron have successfully
brought to market some of the most advanced and efficient aesthetic
technologies over the last thirteen years. This move gives our
combined operations the resources and access to unique patented
technologies to grow and expand the business. We look forward to
supporting the management team in this exciting next phase of
development."
Shimon Eckhouse, Chief Executive
Officer of Syneron Medical, commented, "Unilever is an ideal
partner with consumer brand experience and significant global
resources. We believe this joint venture represents the best
opportunity to maximize our investment in Syneron Beauty and
benefit from its growth potential as part of Iluminage Beauty,
while also enabling Syneron Medical to focus resources on its
professional aesthetic devices business. The combined Iluminage
Beauty business will be well positioned to gain share in the global
market, which will build value for our shareholders."
Fabian Tenenbaum, Chief Executive
Officer of Syneron Beauty, added, "Iluminage has a strong portfolio
of products that are complementary to our offerings. Together, we
will offer customers around the world some of the most advanced
technologies in the fast growing luxury beauty market."
Under terms of the agreement, Unilever Ventures, the venture
capital and private equity arm of Unilever, will invest
$25 million and Unilever will also
sell and transfer its luxury beauty subsidiary Iluminage to
the joint venture, and Syneron Medical will sell and transfer its
Syneron Beauty subsidiary and related home-use businesses to the
joint venture, creating Iluminage Beauty. Unilever Ventures will
hold 51% of Iluminage Beauty and Syneron Medical will retain the
remaining 49%.
The companies expect the transaction to close before the end of
the year, subject to customary closing conditions and regulatory
approvals.
About Syneron Medical
Syneron Medical Ltd. is a leading global aesthetic device
company with a comprehensive product portfolio and a global
distribution footprint. The Company's technology enables physicians
to provide advanced solutions for a broad range of
medical-aesthetic applications including body contouring, hair
removal, wrinkle reduction, improving the skin's appearance through
the treatment of superficial benign vascular and pigmented lesions,
and the treatment of acne, leg veins and cellulite. The Company
sells its products under two distinct brands, Syneron and
Candela.
Founded in 2000, the corporate, R&D, and manufacturing
headquarters for Syneron Medical Ltd. are located in Israel. Syneron also has R&D and
manufacturing operations in the U.S. The company markets, services
and supports its products in 86 countries. It has offices in
North America, France, Germany, Italy, Portugal, Spain, UK, Australia, China, Japan,
and Hong Kong and distributors
worldwide.
For additional information, please visit
http://www.syneron-candela.com.
About Syneron Beauty
Syneron Beauty is a pioneer in the design, development and
distribution of energy-based consumer aesthetic products. The
Company's products are based on clinically proven technologies
derived from the professional medical aesthetic device market,
enabling patients to achieve professional-like results in an
at-home setting. Syneron Beauty currently markets the me™ brand of
home-use hair removal systems (www.mePower.com), the Pearl™ family
of teeth whitening products and the Tanda™ family of home-use light
therapy products. Syneron Beauty is based in New York and
is a wholly owned subsidiary of Syneron Medical Ltd. (ELOS).
About Unilever Ventures
Unilever Ventures is the Venture capital arm of Unilever. The
fund invests in early stage companies that could become
strategically relevant to Unilever and can benefit from access to
Unilever's assets and capabilities. The fund seeks to invest in
Personal care, Refreshment, Digital marketing and Technology that
can be deployed to support Unilever's Sustainable Living Plan. Set
up in 2002, Unilever Ventures has established operations in
Europe, North America and South Asia either directly or through partner
funds. We are looking to find – or to create – ambitious,
market-leading companies, led by world class management teams.
About Iluminage™
Iluminage™ Inc., is a luxury beauty company founded by Unilever
Ventures in 2011. It has the ambition to become the new
intelligence in skin care, and is developing ground-breaking
devices, and other skincare products. The iluminage line offers
cutting-edge, clinically-proven and interactive skincare solutions
for skin rejuvenation—and will address the key beauty concerns
women encounter, as it further develops its range of products.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. Such forward-looking
statements include the expectations, plans and prospects for the
Company, including potential clinical successes, anticipated
regulatory approvals and future product launches, and projected
revenues, margins, earnings and market shares. The statements made
by the Company are based upon management's current expectations and
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties include
market conditions and other factors beyond the Company's control
and the risk factors and other cautionary statements described in
the Company's filings with the SEC, including those described
in the Company's most recent Annual Report on Form 20-F, and the
other factors described in the filings that Syneron Medical makes
with the SEC. The Company does not intend to update these
statements and undertakes no duty to any person to provide any such
update under any circumstance.
SOURCE Syneron Medical Ltd.