Shelton-based Edgewell Personal Care Co. has bought Billie Inc., which makes grooming and beauty products geared toward women, for $310 million.
Edgewell announced the all-cash deal on Monday. According to the company, the transaction has already been cleared under the Hart-Scott-Rodino Antitrust Improvements Act and has closed.
New York-based Billie, founded in 2017, makes shaving and body care products for women such as razors, shaving cream, makeup wipes, body lotion, lip balms, shampoo and body wash. The company donates 1% of all revenue to women’s causes, such as Every Mother Counts, an organization working to make pregnancy and childbirth safer.
According to Edgewell, the Billie brand will strengthen its position in the women’s shaving category by adding to its existing portfolio, which includes Schick Intuition, Hydro Silk and Skintimate.
Edgewell President and CEO Rod Little said the company is “thrilled to add Billie to our portfolio of brands.”
“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,” Little said.
The acquisition will elevate Edgewell’s presence in women’s shaving and enhance its digital capabilities. Meanwhile, it will help Billie through access to Edgewell’s retail distribution platform and marketing, according to Little.
Billie’s co-founders, Georgina Gooley and Jason Bravman, will continue to lead the company.
Billie, which has focused on online sales, is expanding into brick-and-mortar retail in 2022. Bravman said joining Edgewell will accelerate Billie’s growth and expand its retail reach.
“As we begin our expansion into brick-and-mortar retail in the U.S., this is the perfect time for this business combination,” Bravman said.
Gooley added that when they started the company, they wanted to create a different kind of razor, geared toward women. The company’s website notes that women have been overpaying for razors, and it wanted to do away with the “pink tax.”
“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,” Gooley said.
Edgewell has been making strategic acquisition moves. Last year, it purchased the CREMO company, which makes luxury men’s grooming products.
Edgewell recently reported that its net sales were $2.09 billion for the fiscal year 2021, which ended Sept. 30, an increase of 7.1% compared to the prior year.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
