SHELTON, Conn., Aug. 4, 2020 /PRNewswire/ -- Edgewell Personal
Care Company (NYSE: EPC) today announced that it has entered into a
definitive purchase agreement to acquire CREMO, a premier men's
grooming company in the U.S., in an all-cash transaction at a
purchase price of $235
million.
CREMO is one of the strongest and fastest growing masstige
brands in men's grooming, offering a complete line of beard, hair,
shave prep and skin care products. The Company will
complement Edgewell's portfolio of insurgent brands such as
Jack Black and Bulldog, by uniquely
serving specific consumer profiles, and therefore increasing
Edgewell's penetration in the most attractive growth categories
within men's grooming. The transaction is aligned with Edgewell's
core growth strategy of acquiring selective, fast-growing and
profitable brands that increase its presence in attractive
segments.
Rod Little, Edgewell's President
and Chief Executive Officer stated, "We are excited to announce
this agreement to acquire CREMO. The men's grooming category
remains a strategic focus for Edgewell and this acquisition will
help us accelerate growth and strengthen our position in the
fastest growing categories in men's grooming. We are acquiring a
profitable, growing business with an established presence that is
well diversified across grooming categories, yet has significant
opportunities for expansion. We are extremely impressed with
the CREMO brand and its positioning and expect it to continue to
resonate over the long term with consumers. The
organization's consumer-centric brand building capabilities will
also be an important addition for Edgewell as we leverage the
expertise of the CREMO team."
Matthew Biggins, CREMO's
President and Chief Executive Officer, added, "This is a
significant milestone for CREMO, a brand that we built to embody
quality with professional grade characteristics. Combining with
Edgewell provides us the ability to bolster our strong store
channel presence in the U.S. while positioning us to capitalize on
attractive channel and geographic expansion opportunities. We are
excited to join the Edgewell global brand portfolio and look
forward to leveraging our compelling brand and social media
presence with the benefit of Edgewell's platform and demonstrated
capabilities in the grooming category."
The transaction, which is expected to close by the end of the
fiscal 2021 first quarter, is subject to customary closing
conditions. 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 Latham & Watkins acted as legal
counsel to CREMO.
About Edgewell
Edgewell is a leading pure-play consumer products company with
an attractive, diversified portfolio of established brand names
such as Schick® and Wilkinson Sword® 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® and Jack
Black® sun and skin care products; and Wet Ones® moist wipes.
The Company has a broad global footprint and operates in more than
50 markets, including the U.S., Canada, Mexico, Germany, Japan, the U.K. and Australia, with approximately 6,000 employees
worldwide.
About CREMO Company
As one of the fastest growing men's grooming brands in the U.S.,
CREMO offers a full line of BARBER GRADE shave preps,
beard, hair, body and skin care products that deliver astonishingly
superior results. Since the beginning, our goal has been
to deliver an extraordinary grooming experience and make it
something that men can actually look forward to. Every product we
make bears our Crown – the symbol of quality, precision
and performance. More information about CREMO products may be found
online at cremocompany.com. CREMO is also on Instagram
@cremocompany and Twitter
at https://twitter.com/cremocompany and can be found
through the social media hashtags #cremo and #cremocompany.
Forward Looking Statement
This press release and some of our comments contain
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The Private Securities Litigation Reform Act
of 1995 provides a safe harbor for forward-looking statements made
by or on behalf of Edgewell Personal Care Company ("Edgewell", "we"
or "our Company") or any of our businesses. These statements are
not based on historical facts, but instead reflect our
expectations, estimates, or projections concerning future results
or events, including, without limitation, the future earnings and
performance of the Company, the anticipated benefits of the
proposed acquisition of Cremo, and the timing of consummation of
such acquisition. These statements are not guarantees of
performance and are inherently subject to known and unknown risks,
uncertainties, and assumptions that are difficult to predict and
could cause our actual results to differ materially from those
indicated by those statements. We cannot assure you that any of our
expectations, estimates or projections will be achieved. You should
not place undue reliance on these statements. Forward-looking
statements generally can be identified by the use of words or
phrases such as "believe," "expect," "expectation," "anticipate,"
"may," "could," "intend," "belief," "estimate," "plan," "target,"
"predict," "likely," "will," "should," "forecast," "outlook," or
other similar words or phrases and relate, in this press release,
without limitation.
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SOURCE Edgewell Personal Care Company