Edgewell Personal Care Company has entered into a definitive purchase agreement to acquire men’s grooming company Cremo in an all-cash transaction at a purchase price of $235 million.  

Cremo is a fast-growing masstige brand in men's grooming that offers a complete line of beard, hair, shave prep and skin care products. Edgewell says the acquisition expands its portfolio of “insurgent brands such as Jack Black and Bulldog, by uniquely serving specific consumer profiles, and therefore increasing Edgewell's penetration in the most attractive growth categories within men's grooming.” 

The transaction is aligned with the company's core growth strategy of acquiring selective, fast-growing and profitable brands that increase its presence in attractive segments, according to Edgewell, which today announced that net sales in third quarter of fiscal 2020 were were $483.9 million, a decrease of 20.6% when compared to the prior year period. Net sales fell 14.7%.

“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,” said Rod Little, Edgewell's president and CEO. "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."

"This is a significant milestone for Cremo, a brand that we built to embody quality with professional grade characteristics. 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 transaction, which is expected to close by the end of the fiscal 2021 first quarter.

Cremo recently released a line of fine fragrances into Walmart.