SHELTON, Conn., Nov. 29, 2021 /PRNewswire/ -- Edgewell Personal
Care Company (NYSE: EPC) today announced it has acquired Billie
Inc., a leading U.S. based consumer brand company that offers a
broad portfolio of personal care products for women, in an all-cash
transaction at a purchase price of $310
million, subject to customary adjustments. The transaction
has cleared under the Hart-Scott-Rodino Antitrust Improvements Act
and has closed.
Founded in 2017, Billie is a fast growing, digitally native,
direct-to-consumer brand focused on providing women with
high-quality shaving and premium body care products. Its current
product portfolio includes 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 well for its initial expansion
into U.S. brick-and-mortar retail in early 2022. The Billie
brand complements and strengthens Edgewell's position in the
women's shaving category, by adding to a portfolio of strong brands
such as Schick Intuition, Hydro Silk and
Skintimate. Billie will continue to be led by its
co-founders, Georgina Gooley and
Jason Bravman.
Rod Little, Edgewell President
and Chief Executive Officer said, "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. 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."
Jason Bravman, co-founder of
Billie said, "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."
Georgina Gooley, co-founder of
Billie added, "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. This is
an exciting moment for us as we advance towards our goal of
becoming the leading women's lifestyle brand."
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.
Perella Weinberg Partners LP acted as financial advisor and
Wachtell, Lipton, Rosen & Katz acted as legal counsel to
Edgewell on the transaction. Goldman Sachs & Co. LLC acted as
financial advisor and Fenwick & West LLP and Arnold &
Porter Kaye Scholer LLP acted as legal counsel to Billie.
As previously announced, the Company will be presenting at the
Morgan Stanley Global Consumer & Retail Conference on
November 30, 2021 at 8:00 AM ET. In conjunction with management's
presentation, the Company will post supplemental slides regarding
the acquisition of Billie Inc. to the Investor Relations section of
its website. All interested parties may access the supplemental
slides and a live webcast of the event at www.edgewell.com, under
the "Investors," and "News and Events" tabs or by using the
following link:
http://ir.edgewell.com/news-and-events/events.
For those unable to participate during the live webcast, a
replay will be available at www.edgewell.com.
About Edgewell
Edgewell is a leading pure-play
consumer products company with an attractive, diversified portfolio
of established brand names such as Schick® and Wilkinson Sword®
men's and women's shaving systems and disposable razors; Edge® and
Skintimate® shave preparations; Playtex®, Stayfree®, Carefree® and
o.b.® feminine care products; Banana Boat®, Hawaiian Tropic®,
Bulldog®, Jack Black®, and CREMO® sun and skin care products; and
Wet Ones® moist wipes. The Company has a broad global
footprint and operates in more than 50 markets, including the U.S.,
Canada, Mexico, Germany, Japan, the U.K. and Australia, with approximately 5,800 employees
worldwide.
About Billie, Inc.
Billie provides women with quality
shaving supplies and premium body care products designed to make a
daily routine a little more delightful and a lot more affordable.
Our products include 5-blade razors encased in charcoal shave soap
with a magnetic handle and holder, shaving cream, body wash and
body lotion. Billie donates 1% of all revenue to women's causes
around the world. Billie is currently donating to Every Mother
Counts, an organization that is committed to making pregnancy and
childbirth safe for women everywhere.
Forward Looking Statement
This press release
contains "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. You should not place undue reliance on
these statements. Forward-looking statements generally can be
identified by the use of words or phrases such as "believe,"
"expect," "expectation," "anticipate," "may," "could," "intend,"
"belief," "estimate," "plan," "target," "predict," "likely,"
"will," "should," "forecast," "outlook," or other similar words or
phrases. These statements are not based on historical facts,
but instead reflect the Company's expectations, estimates or
projections concerning future results or events, including, without
limitation, the future earnings and performance of Billie, Edgewell
or any of Edgewell's businesses and the impact of the acquisition
of Billie on Edgewell's financial performance. Many factors
outside our control (including the ongoing COVID-19 pandemic),
could affect the realization of these estimates. These
statements are not guarantees of performance and are inherently
subject to known and unknown risks, uncertainties and assumptions
that are difficult to predict and could cause the Company's actual
results to differ materially from those indicated by those
statements. The Company cannot assure you that any of its
expectations, estimates or projections will be achieved. The
forward-looking statements included in this release are only made
as of the date of this release and the Company disclaims any
obligation to publicly update any forward-looking statement to
reflect subsequent events or circumstances, except as required by
law.
In addition, other risks and uncertainties not presently known
to the Company or that it presently considers immaterial could
significantly affect the accuracy of any such forward-looking
statements. Risks and uncertainties include those detailed
from time to time in the Company's publicly filed documents,
including in Item 1A. Risk Factors of Part I of the Company's
Annual Report on Form 10-K filed with the Securities and Exchange
Commission on November 19, 2021.
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SOURCE Edgewell Personal Care Company