Edgewell Personal Care Co. has announced its acquisition of the men”™s grooming company Cremo in a $235 million all-cash transaction.
Headquartered in Laguna Beach, California, Cremo was founded in 2005 with a shaving cream and has since expanded to 75 men”™s grooming products sold through retail and e-commerce channels. Edgewell owns more than 25 consumer brands, including Schick, Bulldog and Jack Black.
The Cremo acquisition comes on the heels of Edgewell”™s failed attempt to buy the Harry”™s Inc. brand for $1.37 billion ”“ the U.S. Federal Trade Commission sued Edgewell to block the transaction, claiming it would limit competition. The Shelton-based firm dropped its bid for Harry’s in February.
“We are acquiring a profitable, growing business with an established presence that is well diversified across grooming categories, yet has significant opportunities for expansion,” Edgewell President and CEO Rod Little said.
“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.”
