Fabian Garcia, President of Unilever Personal Care, said: “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."
Unilever will retain a minority shareholding of 35%.
The transaction is expected to close this year subject to customary closing conditions.
Financial terms of the agreement are undisclosed.