An affiliate of a global distribution company based in Luxembourg and Dordrecht, the Netherlands, has acquired a majority stake in FragranceNet.com Inc., a Deer Park-based online retailer of perfume and beauty products.
Financial details of the investment by the unit of B & S Group were not disclosed in the announcement Tuesday.
Shares of FragranceNet.com Inc. closed down 5.9 percent to $4.00 on Wednesday, giving the company a market capitalization of about $70 million. The stock was trading at $2.90 a year ago.
The news release said the acquisition of FragranceNet.com "will allow B & S Group to generate [a] substantial footprint in North America and to roll out FragranceNet.com's business model to other geographical areas."
Calls and emails to FragranceNet.com, which has 250 employees, and B & S Group were not immediately returned.
Jason Apfel, president of FragranceNet.com, said in the news release B & S will provide "the opportunity of expanding our business model."
Bert Meulman, chief executive of B & S Group, said the deal "underlines our strategy of value chain integration."
The deal is expected to close in the fourth quarter of 2018.
B & S distributes liquors, perfumes, cosmetics, food, beverages and electronics in Europe, the Middle East and Central Asia, according to its website.
Lazard Middle Market served as financial adviser to FragranceNet.com.