10.26.23
Unilever has sold Dollar Shave Club to Nexus Capital Management LP, a U.S.-based private equity firm.
Unilever will retain a minority shareholding of 35%. The financial terms of the agreement were not disclosed.
Unilever originally purchased Dollar Shave Club in 2016 for $1 billion. The brand offers a range of razors and male grooming products—and recently expanded into electric trimmers.
Fabian Garcia, President of Unilever Personal Care, explained: “This marks another step in our journey to transition our portfolio towards core strategic growth areas. Dollar Shave Club has a loyal membership and following, and I am confident the brand will thrive under its new ownership and continue to serve consumers across North America and beyond.”
Michael Cohen, Partner at Nexus Capital Management, said: “We are thrilled to acquire Dollar Shave Club, based on its strong brand loyalty, pioneering DTC model, and omni-channel presence. We see growth potential and will invest in cutting-edge marketing, product quality and new innovations. Dollar Shave Club will also serve as a platform for additional brands with a similar DNA. We are excited to work with Dollar Shave Club employees to drive accelerated growth and welcome Unilever's continued partnership.”
Dollar Shave Club Interim Co-CEOs Mary Jensen and Dale Brockmeyer said: "We are grateful to Unilever for their support and are looking forward to a strong partnership with Nexus Capital Management. Their commitment to investing in our challenger brand will unlock future growth and create an inspiring environment for our employees."
The transaction is expected to close this year subject to customary closing conditions.
Unilever will retain a minority shareholding of 35%. The financial terms of the agreement were not disclosed.
Unilever originally purchased Dollar Shave Club in 2016 for $1 billion. The brand offers a range of razors and male grooming products—and recently expanded into electric trimmers.
Transitioning Towards Core Strategic Growth Areas
This move comes as the company reports that its turnover declined 3.8% to €15.2 billion ($16.1 billion) in Q3 2023. Also, the company named a Fernando Fernandez as its new CFO today.Fabian Garcia, President of Unilever Personal Care, explained: “This marks another step in our journey to transition our portfolio towards core strategic growth areas. Dollar Shave Club has a loyal membership and following, and I am confident the brand will thrive under its new ownership and continue to serve consumers across North America and beyond.”
Michael Cohen, Partner at Nexus Capital Management, said: “We are thrilled to acquire Dollar Shave Club, based on its strong brand loyalty, pioneering DTC model, and omni-channel presence. We see growth potential and will invest in cutting-edge marketing, product quality and new innovations. Dollar Shave Club will also serve as a platform for additional brands with a similar DNA. We are excited to work with Dollar Shave Club employees to drive accelerated growth and welcome Unilever's continued partnership.”
Dollar Shave Club Interim Co-CEOs Mary Jensen and Dale Brockmeyer said: "We are grateful to Unilever for their support and are looking forward to a strong partnership with Nexus Capital Management. Their commitment to investing in our challenger brand will unlock future growth and create an inspiring environment for our employees."
The transaction is expected to close this year subject to customary closing conditions.
