Alberto-Culver Co. said it would spin off its beauty supplies distribution business as an independent public company in a deal worth approximately $3 billion.

As part of the deal, private equity firm Clayton, Dubilier & Rice will invest $575 million in the unit, Sally Beauty Co., for a 47.5% stake. Alberto-Culver said its shareholders will get a $25 per share one-time cash dividend, as well as one Sally Beauty Co. share for each Alberto-Culver share held.

Alberto-Culver chief executive Howard Bernick will retire from his post and from the board once the spinoff is completed. Bernick’s wife, Carol, the daughter of Alberto’s founder, will continue in her role as executive chairman of the board of Alberto-Culver.

Alberto-Culver, Melrose Park, IL, struck a deal in January to sell the Sally Beauty retail chain to Regis Corp., but that fell apart in April.