SHELTON, Conn., Nov. 29, 2021 – Edgewell Personal Care Company (NYSE: EPC), a prominent player in the consumer products sector, has officially announced the acquisition of Billie Inc., a leading direct-to-consumer personal care brand for women based in the U.S. The transaction, valued at $310 million in an all-cash deal, is set to enhance Edgewell’s footprint in the women’s personal care market and bolster its digital-first capabilities. This acquisition has successfully passed the Hart-Scott-Rodino Antitrust Improvements Act review and is now finalized.
Billie, established in 2017, has rapidly emerged as a significant digitally native, direct-to-consumer brand. It specializes in delivering high-quality shaving and premium body care products specifically tailored for women. Billie’s diverse product range includes essential items such as razors, shaving cream, makeup removal wipes, body lotion, lip balms, dry shampoo, and body wash. The brand’s robust direct-to-consumer model and digital expertise have been pivotal in its impressive growth, paving the way for its expansion into physical retail locations across the U.S. starting in early 2022. For Edgewell Personal Care, Billie represents a strategic addition, perfectly complementing its existing portfolio of strong women’s shaving brands, including Schick Intuition, Hydro Silk, and Skintimate. Crucially, Billie will continue to operate under the leadership of its co-founders, Georgina Gooley and Jason Bravman, ensuring continuity and vision for the brand.
Rod Little, President and Chief Executive Officer of Edgewell Personal Care, commented on the acquisition, stating, “We are delighted to welcome Billie into our brand family. Acquiring Billie strongly aligns with our strategic objectives to strengthen our leadership in the women’s shave category and to execute disciplined and strategic M&A. Edgewell has been a key supplier to Billie since their inception, making this acquisition a logical progression of our established relationship. This acquisition immediately enhances our organization’s consumer-centric digital capabilities, significantly elevates our position within the mid-tier value segment of the U.S. women’s shaving market, and empowers Billie to leverage our extensive retail distribution network and marketing resources to unlock substantial growth opportunities. Furthermore, this partnership opens up exciting avenues to expand Billie’s product offerings beyond razors and blades.”
Jason Bravman, co-founder of Billie, also shared his enthusiasm about the merger, “Joining Edgewell is an exciting step for Billie. We are eager to integrate our resources and utilize Edgewell’s robust platform to accelerate our growth trajectory and broaden our retail presence. As we prepare to enter brick-and-mortar retail in the U.S., this business combination is ideally timed. Edgewell’s values resonate with our brand vision, and we are confident that together, as part of the Edgewell team, we can achieve even greater milestones.”
Georgina Gooley, the other co-founder of Billie, added, “From the inception of Billie, our mission was to innovate and offer a unique razor experience designed for women. We are thrilled to combine our digitally-driven, disruptive approach with Edgewell’s industry-leading platforms, capabilities, and channels. This synergy will be instrumental in driving our future growth and in continuing to meet the evolving needs of our dedicated customer base. This is a pivotal moment for us as we strive to become the foremost women’s lifestyle brand.”
The acquisition is projected to have a slightly positive impact on Edgewell’s adjusted cash earnings per share in fiscal year 2022. The transaction was financed through a combination of existing cash reserves and available capacity under its revolving credit facility.
Edgewell Personal Care was advised by Perella Weinberg Partners LP as financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel. Billie received financial advice from Goldman Sachs & Co. LLC, with legal counsel provided by Fenwick & West LLP and Arnold & Porter Kaye Scholer LLP.
Edgewell Personal Care was scheduled to present at the Morgan Stanley Global Consumer & Retail Conference on November 30, 2021. Supplemental materials regarding the Billie Inc. acquisition were made accessible in the Investor Relations section of Edgewell’s website.
About Edgewell Personal Care
Edgewell Personal Care is a leading pure-play consumer products company, boasting a diverse and attractive portfolio of established brands. These include Schick and Wilkinson Sword for 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. With a significant global presence, Edgewell operates in over 50 markets, including key regions such as the U.S., Canada, Mexico, Germany, Japan, the U.K., and Australia, and employs approximately 5,800 people worldwide.
About Billie, Inc.
Billie is dedicated to providing women with superior shaving supplies and premium body care products, aiming to transform daily routines into more enjoyable and affordable experiences. Billie’s product line features 5-blade razors with charcoal shave soap and magnetic handles, along with shaving cream, body wash, and body lotion. Notably, Billie commits 1% of all revenues to supporting women’s causes globally, currently partnering with Every Mother Counts, an organization focused on making pregnancy and childbirth safe for women everywhere.
Forward-Looking Statements
This announcement includes forward-looking statements as defined under the Securities Act of 1933 and the Securities Exchange Act of 1934. Readers are cautioned against placing undue reliance on these statements, which are identified by terms like “believe,” “expect,” “anticipate,” “intend,” “estimate,” “plan,” “will,” and similar expressions. These statements reflect current expectations and projections regarding future events and results, including the anticipated performance of Billie and the impact of its acquisition on Edgewell’s financial results. Numerous factors, including the ongoing COVID-19 pandemic, can influence these projections. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that could cause actual outcomes to differ materially from those projected. Edgewell disclaims any obligation to update these statements publicly, except as legally required. Risks and uncertainties that could affect these statements are detailed in Edgewell’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K.
