Edgewell Personal Care Co. has inked a deal to buy Cremo, a men’s grooming company, for $235 million.
The acquisition is expected to further build Edgewell’s men’s grooming offering, which already includes Jack Black and Bulldog.
Cremo sells products like Sandalwood Shave Cream, $7.99; Beard Wash, $12; Hair and Beard Dye, $14.99, and Bourbon & Oak Body Wash, $8.99, at Walmart, Target, Amazon and its own web site.
Edgewell said the deal aligns with plans to grow by buying fast-growing and profitable brands in attractive segments.
“The men’s grooming category remains a strategic focus for Edgewell and this acquisition will help us accelerate growth and strengthen our position in the fastest-growing categories in men’s grooming,” said Edgewell’s president and chief executive officer Rod Little.
“Combining with Edgewell provides us the ability to bolster our strong store channel presence in the U.S. while positioning us to capitalize on attractive channel and geographic expansion opportunities,” said Cremo president and ceo Matthew Biggins.
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The deal is expected to close by the end of the first fiscal quarter. Perella Weinberg advised Edgewell, and Goldman Sachs advised Cremo. WWD reported in January that Cremo had hired Goldman to explore a deal.
For Edgewell, the transaction follows the collapse of the company’s plan to buy Harry’s after the Federal Trade Commission sued to block the deal. The Cremo transaction was also unveiled at the same time as Edgewell’s fiscal third-quarter net sales, which were down 20.6 percent year-over-year, to $483.9 million, due to the coronavirus pandemic.
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