Harry's Flamingo products

Edgewell Personal Care Co. is set to buy Harry’s Inc., the shaving start-up, for $1.37 billion to create a next-generation products platform, the companies said jointly on Thursday.

The transaction will be made with cash and stock.

The men’s grooming market is swiftly evolving, with shaving start-ups such as Dollar Shave Club helping to drive the growth.

“The combination of Edgewell and Harry’s brings together complimentary capabilities to create a next-generation consumer products platform with an expansive runway for accelerated topline growth and enhanced value creation,” said Edgewell said in a statement.

The company called Harry’s a “disruptive force across the men’s and women’s shaving market and adjacent grooming and personal-care categories. It demonstrated expertise in brand-building and direct-to-consumer marketing are a complimentary fit with Edgewell’s strong intellectual property, best-in-class product technology, global scale and stable of strong consumer brands.”

The combined company will have a portfolio of global brands in the categories men’s and women’s shaving, and personal, sun and skin care.

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Edgewell, based in Shelton, Conn., is already the owner of the Schick and Wilkinson razor brands, plus other brands such as Banana Boat, Hawaiian Tropic, Playtex, Bulldog, Jack Black and Wet Ones.

Harry’s was founded in 2013 by Andy Katz-Mayfield and Jeff Raider, who will become members of Edgewell’s executive team and serve as copresidents of operations in the U.S.

Edgewell’s financial advisers for the transaction are Goldman Sachs & Co. LLC and Perella Weinberg Partners LP, and its legal adviser is Wachtell, Lipton, Rosen & Katz. Harry’s financial adviser is Centerview Partners LLC, while Latham & Watkins LLP and O’Melveny & Myers LLP are serving as the company’s legal advisers.

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