Edgewell Acquires Billie For $310M
Edgewell Personal Care Company, the maker of Schick safety razors, has acquired Billie Inc. in an all-cash transaction at a purchase price of $310 million. The acquisition comes a year after the Federal Trade Commission blocked CPG giant P&G from buying the women’s shaving brand.
Billie is a U.S.-based direct-to-consumer (DTC) company founded in 2017. It offers a broad portfolio of premium shaving and body care products for women, including razors, shaving cream, make-up wipes, body lotion, lip balms, dry shampoo and body wash.
Through the acquisition, Billie joins a portfolio of other Edgewell brands within the category, including Schick Intuition, Hydro Silk and Skintimate.
“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. 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,” said Rod Little, president and chief executive officer at Edgewell.
“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.”
Billie will continue to be led by its co-founders, Georgina Gooley and Jason Bravman.
The transaction was financed with a combination of cash on hand and revolver capacity. Perella Weinberg Partners LP acted as financial advisor and Wachtell, Lipton, Rosen & Katz acted as legal counsel to Edgewell on the transaction, while Goldman Sachs & Co. LLC acted as financial advisor and Fenwick & West LLP and Arnold & Porter Kaye Scholer LLP acted as legal counsel to Billie.
Originally published at https://retailbum.com on December 1, 2021.