Edgewell Personal Care Company is looking to growing its share in women’s shave with the acquisition of Billie Inc., a leading U.S.-based consumer brand company catering to women.
The all-cash transaction came in at $310 million and has cleared under the Hart-Scott-Rodino Antitrust Improvements Act. Procter & Gamble ended its bid for the company in January 2021 as it met with regulatory backlash from the Federal Trade Commission.
Founded in 2017, Billie is a fast-growing, digitally native, direct-to-consumer brand focused on mid-priced shave and body care products for women. Its current product portfolio includes razors, shaving cream, make up wipes, body lotion, lip balms, dry shampoo, and body wash. Billie is poised to enter brick and mortar in 2022, built on its strong DTC foundation and digital capabilities. Billie looks to strengthen Edgewell’s position in the women’s shaving category, which currently includes 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, “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.