The founders of Harry’s Jeff Raider and Andy Katz-Mayfield will reportedly join Edgewell’s executive team as co-presidents of the U.S. operations of the company.

The American consumer product company Edgewell Personal Care has reportedly announced that it will acquire Harry’s Inc., a shaving startup, in $1.37 billion cash-and-stock deal, to expand in rapidly growing grooming market of the U.S.

Reportedly, Harry’s is the latest startup to be acquired by a bigger contender and the purchase of Unilever of the Dollar Shave Club in the year 2016.

Proctor and Gamble, Unilever and other companies have focused more on men’s grooming, trying to persuade them to spend more on skin creams, hair products and deodorants.

As per reliable sources, the global men’s grooming industry is anticipated to hit $78.6 billion by the year 2023 from $57.7 billion in the year 2017.

The founders of Harry’s Jeff Raider and Andy Katz-Mayfield will reportedly join Edgewell’s executive team as co-presidents of the U.S. operations of the company.

Apparently, Edgewell will pay 79 percent of the deal value in cash and rest in stock. It will give the shareholders of Harry’s a stake of 11 percent in the joint venture upon completion of the deal. The deal is expected to close by the end of first quarter of the year 2020.

According to trusted sources, Edgewell is in process of exploring options including the infant care businesses and sale of its feminine care. The company missed the expectations of experts for second-quarter revenue due to the weak performance in the segments.

For the uninitiated, the financial advisers to Edgewell are Perella Weinberg Partners and Goldman Sachs. The company’s legal advisers are Rosen & Katz, Lipton, Wachtell.

For the record, Harry’s Inc. is a New York-based company which sells shaving creams, soaps, lotions, razors, and other grooming products. The company is embossed with its quirky hairy elephant logo and Flamingo line of waxes and razors for women.

Source credit: https://www.cnbc.com/2019/05/09/edgewell-to-buy-shaving-startup-harrys-for-1point37-billion-nyt.html

https://www.chicagotribune.com/business/ct-biz-harrys-razor-schick-purchase-20190509-story.html