(Bloomberg) -- Edgewell Personal Care Co., the owner of Schick and Banana Boat, said it purchased direct-to-consumer razor brand Billie Inc. in a $310 million transaction.
The deal has cleared antitrust requirements and has already been closed, Edgewell said in a statement. This would appear to resolve thorny antitrust issues that have prevented a series of personal-care transactions from being consummated -- including an earlier bid for Billie by Gillette owner Procter & Gamble Co., which was blocked by the Federal Trade Commission on the grounds that it would reduce competition.
Billie, which sells women’s razors and body-care products, gives Edgewell a direct-to-consumer razor business almost two years after antitrust regulators blocked its attempted purchase of Harry’s Inc. It’s one of a number of consumer-products companies sidestepping traditional retailers with a direct-selling model that has shaken up the space.
Billie will continue to be led by its co-founders, Georgina Gooley and Jason Bravman, Edgewell said. Edgewell, based in Chesterfield, Missouri, expects the acquisition to be slightly positive to Edgewell’s adjusted earnings per share during fiscal 2022. Billie plans to expand into brick-and-mortar retail next year.
The transaction was carried out with a combination of cash and a revolving loan.
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