In an interesting turn of events, Edgewell Personal Care has announced the acquisition of Billie in an all-cash transaction of $310 million. In early 2020, Edgewell terminated a plan to acquire shaving brand Harry's following FTC complaints. In early 2021, P&G terminated its planned acquisition of Billie for similar reasons.
As part of the deal, Edgewell will support Billie's expansion into U.S. brick and mortar stores in early 2022. The brand will also expand beyond razors and blades.
Per an official statement, "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 co-founders Georgina Gooley and Jason Bravman.
The transaction was financed with a combination of cash on hand and revolver capacity. Perella Weinberg Partners LP acted as financial adviser 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.
Rod Little, Edgewell president and CEO, 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 United States, 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."
Bravman 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 United States, 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."
Gooley said, "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."