Edgewell Personal Care, which owns several other brands such as Schick, Banana Boat and Wet Ones, will soon be acquiring razor startup Harry’s for $1.37 billion. The deal is expected to close by the end of the first quarter of 2020.
Harry’s, founded in 2013, is one of many brands that are selling products via the internet directly to consumers. In addition to razors, it also sells shower and face care products, as TechCrunch reports. Harry’s co-founders and co-CEOs Andy Katz-Mayfield and Jeff Raider will become co-presidents of U.S. operations for Edgewell.
“The combination of Edgewell and Harry’s is a pivotal step forward in further transforming our organization and strengthening our competitive position and ability to drive sustained growth and value creation,” said Edgewell’s president and CEO Rod Little in a statement. “Building on Edgewell’s and Harry’s complementary strengths, our combined company will have leading brands and omni-channel capabilities that are essential to meet the needs of the modern consumer and win in today’s market environment.”
According to Crunchbase, Harry’s previously raised around $375 million in funding. The payment, per Edgewell, will break down to nearly 79% cash and 21% stock, giving Harry’s shareholders an 11% stake in Edgewell.