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Business

Shaving Start-up Harry will be sold to the owner of Schick for $ 1.37 billion




When they founded Harry as a shaving start nearly nine years ago, Andy Katz-Mayfield and Jeff Raider sought to create a decade-old business dominated by two giants in the field.

Now they are with one of them.

Edgewell Personal Care, the company that owns Schick and Wilkinson shaving gloves, as well as Hawaiian Tropic, plans to announce on Thursday that it will buy Harry for around $ 1.37 billion in stock and cash. The deal will lead Katz-Mayfield and Mr. Raider to run Edgewell's US operations.

It is the largest newer example an established company that buys a younger, nimbler competitor who is born of the internet and now characterized by consumers in new ways. It has signed deals like Unilever, which bought Dollar Shave Club, the second shaving startup sensor, for $ 1[ads1] billion three years ago, as well as Walmart bought the online men's wear shop Bonobos for around $ 310 million.

Harry sells shavers, face washes and lotions, as well as the Flamingo series of women's shavers and waxes, directly to consumers over the internet, offering subscriptions (a certain number of sheets delivered to your home each month) and collaborating with the clothing retailer J. Crew. Based in New York, it owns the German factory that manufactures its knives and has invested in other businesses such as Hims, a startup that sells hair removal prevention products.

"This got us where we wanted to go faster than any alternative route , "Katz-Mayfield said.

Under the agreement, which was approved by both boards on Wednesday, 79 percent of Edgewell's offerings – just over $ 1 billion – would be in cash, the remainder being in stock, providing Harry's investors a about 11 percent stake in the combined company.

Mr Katz-Mayfield and Mr. Raider will become co-managers of Edgewell's US operations, giving them a larger perch and more brands. monitor and overtake. Mr. Little will remain CEO of the overall business.

The agreement is expected to close by March 31, 2020.



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