Edgewell To Acquire Women’s Razor Brand Billie in Transaction Cleared Under the HSR Antitrust Act

Edgewell Personal Care Company has announced it has acquired women’s razor and personal care brand Billie Inc. in an all-cash transaction at a purchase price of $310 million, subject to customary adjustments. The transaction has cleared under the Hart-Scott-Rodino Antitrust Improvements Act and has closed, Edgewell announced today.
 
Procter & Gamble intended to purchase Billie in 2020. That deal was called off a year later when the US Federal Trade Commission filed a complaint to stop the acquisition saying it would have dampened competition in the women's razor category.
 
Founded in 2017, Billie is a fast growing, digitally native brand that sells razors, shaving cream, make up wipes, body lotion, lip balms, dry shampoo and body wash. Strong direct-to-consumer and digital capabilities have positioned Billie well for its initial expansion into  brick-and-mortar retail in early 2022.  
 
Billie Co-Founders Georgina Gooley and Jason Bravman will remain with the company to lead the brand.
 
 
Edgwell, maker of Schick Intuition, Hydro Silk and Skintimate, says Billie complements and strengthens its post in women's shaving 
 
“We are thrilled to add Billie to our portfolio of brands. We are focused on our stated goal of building on our leading position in the women's shave category and executing on our M&A strategy with discipline and precision, both of which this acquisition accomplishes,” said Rod Little, Edgewell President and CEO, who noted that  Edgewell has been a “strategic supplier to Billie since its inception.” 
 
He said Edgewell views the acquisition as “a natural evolution of the partnership between our two companies.” 
 
The acquisition, according to Little, immediately enhances the consumer-centric, digital capabilities of Edgewell’s organization and elevates its presence in the “important mid-tier value segment of women's shaving in the US while bolstering Billie's ability to capitalize on significant growth opportunities by leveraging our retail distribution platform and marketing channels.” 
 
The acquisition provides Edgewell with a unique opportunity to further broaden Billie's reach beyond razors and blades, according to Little.
 
“We are very excited to join the Edgewell organization and look forward to combining our resources and leveraging the Edgewell platform to accelerate growth and expand our retail reach,” said Bravman. “As we begin our expansion into brick-and-mortar retail in the US, this is the perfect time for this business combination.  Edgewell's core values align with our vision for the brand, and we are looking forward to attaining even greater growth as part of the Edgewell team.”
 
“When we started Billie, we set out to create a different kind of razor made for womenkind. We look forward to combining our disruptive and digital-first approach with Edgewell's leading platforms, capabilities and channels to drive future growth and meet the evolving needs of our loyal customers. This is an exciting moment for us as we advance towards our goal of becoming the leading women's lifestyle brand,” noted Gooley.
 
The acquisition is expected to be slightly positive to Edgewell's adjusted cash earnings per share during fiscal 2022.  The transaction was financed with a combination of cash on hand and revolver capacity.