Global consumer products giant Unilever has sold a majority stake in its Dollar Shave Club brand to US-based private equity firm Nexus Capital Management. Terms weren’t disclosed and Unilever will retain a minority shareholding of 35%.
In addition to its core razors range, Dollar Shave Club also includes a collection of male grooming products. It also recently expanded into electric trimmers.
The sale is part of Unilever’s move to focus its huge portfolio on core strategic growth areas and power brands.
Fabian Garcia, President of Unilever Personal Care, said: “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, added: “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 added that they look 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.”
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