THE WHAT? Edgewell Personal Care has announced that it has entered into an agreement to acquire Cremo in an all-cash transaction for US$235 million.
THE DETAILS The US men’s grooming brand will complement Edgewell’s existing portfolio, which includes Bulldog and Jack Black, increasing penetration in the most attractive growth categories within the men’s grooming sector. The transaction is expected to close in the first quarter of fiscal 2021, subject to regulatory approval.
“This is a significant milestone for Cremo, a brand that we built to embody quality with professional grade characteristics,” commented Matthew Biggins, Cremo’s President and Chief Executive Officer. “Combining with Edgewell provides us the ability to bolster our strong store channel presence in the US 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 WHY? Rod Little, Edgewell’s President and Chief Executive Officer explained, “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.”