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Deals


EDGEWELL BUYS RAZOR BRAND BILLIE AFTER P&G WAS BLOCKED FROM BUYING IT

By
Jonathan Roeder
+Sign Up
November 29, 2021, 9:57 PM GMT Corrected November 29, 2021, 10:32 PM GMT


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Edgewell Personal Care Co., the owner of Schick and Banana Boat, said it
purchased direct-to-consumer razor brand Billie Inc. in a $310 million
transaction. 

The deal has cleared antitrust requirements and has already been closed,
Edgewell said in a statement. This would appear to resolve thorny antitrust
issues that have prevented a series of personal-care transactions from being
consummated -- including an earlier bid for Billie by Gillette owner Procter &
Gamble Co., which was blocked by the Federal Trade Commission on the grounds
that it would reduce competition. 




Billie, which sells women’s razors and body-care products, gives Edgewell a
direct-to-consumer razor business almost two years after antitrust regulators
blocked its attempted purchase of Harry’s Inc. It’s one of a number of
consumer-products companies sidestepping traditional retailers with a
direct-selling model that has shaken up the space.



Billie will continue to be led by its co-founders, Georgina Gooley and Jason
Bravman, Edgewell said. Edgewell, based in Shelton, Connecticut, expects the
acquisition to be slightly positive to Edgewell’s adjusted earnings per share
during fiscal 2022. Billie plans to expand into brick-and-mortar retail next
year. 

The transaction was carried out with a combination of cash and a revolving
loan. 

(Corrects where Edgewell is based in fourth paragraph.)


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