Edgewell Personal Care, which owns brands like Schick (razors), Banana Boat (sun block) and Wet Ones (moist wipes), is including Harry’s to that list in a $1.37 billion acquisition.
Established in 2013, Harry’s is part of the current wave of brands using the internet to offer items directly to consumers. (In addition to razors, it also sells shower and face care items, and operates the Flamingo brand name of women’s razors.)
With the acquisition, Harry’s co-founders and co-CEOs Andy Katz-Mayfield and Jeff Raider will end up being co-presidents of U.S. operations for Edgewell. (Mentioning direct-to-consumer brands: Raider is also co-founder of Warby Parker)
” The combination of Edgewell and Harry’s is a critical advance in more changing our company and enhancing our competitive position and ability to drive sustained growth and worth development,” said Edgewell’s president and CEO Rod Little in a statement “Building on Edgewell’s and Harry’s complementary strengths, our combined company will have leading brands and omni-channel capabilities that are necessary to satisfy the requirements of the contemporary customer and win in today’s market environment.”
Harry’s had actually formerly raised around $375 million in funding, according to Crunchbase Edgewell states the payment will break down to roughly 79?sh and 21%stock, giving Harry’s shareholders an 11%stake in Edgewell.
The deal is expected to close by the end of the very first quarter of 2020.