Cosmetic giant Edgewell has announced the acquisition of Cremo, a Men’s grooming company for US$235 million.
Founded in 2005, Cremo is one the fastest growing men’s grooming brands in the U.S., offering a full range of care products for the beard, skin, hair, and body.
The transaction is part of the Edgewell strategy to acquire selective fast-growing and profitable brands such as Schick and Wilkinson Sword to increase its presence in the sector.
Rod Little, Edgewell’s president, and CEO, commented: “The men’s grooming category remains a strategic focus for Edgewell and this acquisition will help us accelerate growth and strengthen our position in the fastest-growing categories in men’s grooming”.
Matthew Biggins, president and CEO of Cremo, added: “Combining with Edgewell provides us the ability to bolster our strong store channel presence in the U.S. while positioning us to capitalize on attractive channel and geographic expansion opportunities”.
Sources: PR Newswire