Edgewell Personal Care has announced it is joining forces with Harry's, the online grooming brand.

Edgewell has announced that they have entered into a definitive agreement under which the company will combine with Harry's in a cash and stock transaction that values Harry's at $1.37 billion.

Together, the two companies say they are combining "complementary capabilities to create a next-generation consumer products platform with an expansive runway for accelerated topline growth and enhanced value creation."

Harry's has been a disruptive force across the men's and women's shaving market and adjacent grooming and personal care categories. Its has a demonstrated expertise in brand building and direct-to-consumer marketing.

Edgewell's strengths include strong intellectual property, best-in-class product technology, global scale and a stable of strong consumer brands. Edgewell's brands include Schick, Skintimate, Banana Boat, Hawaiian Tropic, Playtex, Bulldog Skincare for Men, Jack Black -- and more.

Harry's Co-Founders Join the Executive Team

Harry's co-founders and co-CEOs Andy Katz-Mayfield and Jeff Raider are joining the Edgewell executive team, and will co-lead U.S. operations. 

Harry's has been a disruptive force across the men's and women's shaving market and adjacent grooming and personal care categories. Its demonstrated expertise in brand building and direct-to-consumer marketing are a complementary fit with Edgewell's strong intellectual property, best-in-class product technology, global scale and stable of strong consumer brands.

Rod Little, Edgewell's president and CEO says, "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."

Little continues, "We welcome Harry's entrepreneurial employees and look forward to working closely with Andy and Jeff, whose ingenuity and demonstrated success will enable us to take our U.S. business to the next level. We are excited about our future and the opportunities we have to deliver superior long-term shareholder returns as a next-generation CPG platform."

Katz-Mayfield and Raider comment, "When we launched Harry's six years ago our vision was to create a grooming brand that better met our needs as consumers, and over time, a CPG platform that creates brands people love across more categories. Together with Edgewell, we see a significant opportunity to continue delivering on that vision, leveraging Edgewell's advanced technology and global footprint alongside our customer-first approach, brand building expertise and omni-channel capabilities."

They continue, "We're incredibly proud of the brands we've created and the team we've built, and have tremendous respect for Edgewell and its established brand portfolio. We look forward to what we can accomplish together."