Consumer goods conglomerate Unilever has sold men’s grooming brand Dollar Shave Club to US-based private equity firm Nexus Capital Management LP for an undisclosed amount.
Unilever, which acquired the men’s grooming brand in 2016, said in a statement that it would retain a minority shareholding of 35 percent.
The American company offers a range of male grooming products, including razor blades, which can be delivered via a subscription, alongside skincare, shower, and body products. The brand also recently expanded into electric trimmers.
Commenting on the acquisition, 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.”
Fabian Garcia, president of Unilever Personal Care, added: “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.”