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July 22, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Shelton’s Edgewell acquiring Harry’s Inc. for $1.37 billion

Shelton’s Edgewell Personal Care Co., whose portfolio includes Schick, Wilkinson Sword, Playtex, Stayfree, and Hawaiian Tropic, is acquiring New York-based shaving company Harry’s Inc. in a cash and stock transaction that values Harry’s at $1.37 billion.

Under the terms of the agreement, approximately 79% of the total value of the transaction will be paid in cash and 21% will be paid in Edgewell common stock. Upon completion of the transaction, Harry’s shareholders will own approximately 11% of 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 President and CEO Rod Little. “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.”

Andy Katz-Mayfield and Jeff Raider, Harry’s co-founders and co-CEOs, have agreed to join the Edgewell team as co-presidents of U.S. operations upon the deal’s closing. The transaction has been approved by Edgewell’s and Harry’s Boards of Directors and is expected to close by the end of the first quarter of calendar 2020, subject to the satisfaction of customary closing conditions and receipt of regulatory clearance.

Founded in 2013, Harry’s historically has sold its products directly to consumers via the internet. In addition to men’s razors, it also operates the Flamingo brand of women’s razors as well as shower and face care products. Harry’s owns and operates its own razor factory in Eisfeld, Germany, and employs over 900 people across the U.S., U.K. and Germany.