Edgewell Personal Care acquires Billie Inc.
Edgewell Personal Care Company announced on Monday that it has acquired Billie Inc. in an all-cash transaction of $310 million.
As part of the acquisition, the Billie brand will complement and strengthen Edgewell's position in the women's shaving category, by adding to its portfolio brands such as Schick Intuition, Hydro Silk and Skintimate. Billie will continue to be led by its co-founders, Georgina Gooley and Jason Bravman.
Likewise, the acquisition is expected to be slightly positive to Edgewell's adjusted cash earnings per share during fiscal 2022. The transaction was financed with a combination of cash on hand and revolver capacity.
“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,” explained Rod Little, Edgewell president and chief executive officer.
“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.”
Founded in 2017, Billie is a leading U.S. based consumer brand company that offers a broad portfolio of personal care products for women including razors, shaving cream, make up wipes, body lotion, lip balms, dry shampoo and body wash. Billie's strong direct-to-consumer and digital capabilities have underpinned its strong growth, positioning the brand for its initial expansion into U.S. brick-and-mortar retail in early 2022.
"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. 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,” added Jason Bravman, co-founder of Billie.
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