Edgewell Personal Care to acquire Billie
After previous acquisition talks with P&G fell apart, personal care brand Billie has a new buyer.
Edgewell Personal Care announced plans to acquire the brand in an all-cash transaction of $310 million, which is subject to customary adjustments.
“We are thrilled to add Billie to our portfolio of brands. We are focused on our stated goal of building on our leading position in the women's shave category and executing on our M&A strategy with discipline and precision, both of which this acquisition accomplishes,” Rod Little, Edgewell president and chief executive officer said.
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The transaction has already cleared under the Hart-Scott-Rodino Antitrust Improved Act and closed, the Shelton, Conn.-based company said.
“Edgewell has been a strategic supplier to Billie since its inception, and we view this acquisition as a natural evolution of the partnership between our two companies. This acquisition immediately enhances the consumer-centric, digital capabilities of our organization and elevates our presence in the important mid-tier value segment of women's shaving in the U.S., while bolstering Billie's ability to capitalize on significant growth opportunities by leveraging our retail distribution platform and marketing channels. Additionally, the acquisition provides us with a unique opportunity to further broaden Billie's reach beyond razors and blades,” Little said.
Founded in 2017, Billie’s current portfolio of women-focused personal care products includes razors, shaving cream, makeup wipes, body lotion, lip balms, dry shampoo and body wash.
Billie will continue to be led by its co-founders, Georgina Gooley and Jason Bravman.
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“We are very excited to join the Edgewell organization and look forward to combining our resources and leveraging the Edgewell platform to accelerate growth and expand our retail reach,” Jason Bravman, co-founder of Billie said. “As we begin our expansion into brick-and-mortar retail in the US, this is the perfect time for this business combination. Edgewell’s core values align with our vision for the brand, and we are looking forward to attaining even greater growth as part of the Edgewell team.”
The acquisition was financed with a combination of cash on hand and revolver capacity, the companies said.
“When we started Billie, we set out to create a different kind of razor made for womenkind. We look forward to combining our disruptive and digital-first approach with Edgewell's leading platforms, capabilities and channels to drive future growth and meet the evolving needs of our loyal customers,” Georgina Gooley, co-founder of Billie added. “This is an exciting moment for us as we advance towards our goal of becoming the leading women’s lifestyle brand.”