Edgewell Personal Care Company has signed a a definitive agreement to acquire CREMO, a men’s grooming company in the US, for $235m in cash.
CREMO is a growing brand in men’s grooming segment. It provides a line of beard, hair, shave prep and skin care products.
The firm will complement Edgewell’s portfolio of brands such as Jack Black and Bulldog, and will boost Edgewell’s penetration within men’s grooming segment.
Furthermore, the deal is aligned with Edgewell’s core strategy of buying selective, fast-growing and profitable brands in attractive segments.
Edgewell president and CEO Rod Little said: “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.”
CREMO president and CEO Matthew Biggins said: “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 deal is expected to close by the end of the first quarter of fiscal 2021.
It is subject to customary closing conditions.
