Unilever is paying $1.5 billion (1.09 billion pounds) to buy men’s personal care brand Dr Squatch from private-equity firm Summit Partners, the Financial Times reported on Friday, citing sources.
The deal was announced earlier this week by all three parties, without disclosing financial details.
Unilever reiterated on Friday that it will not disclose the terms of the deal, while Summit Partners did not immediately respond to a Reuters request for comment outside of regular business hours. Reuters could not immediately verify the FT report.
Reuters reported last year that Summit was exploring a sale of the men’s grooming brand at a valuation of more than $2 billion.
Launched in 2013 by founder and CEO Jack Haldrup, and named after the mythical creature Sasquatch, Dr Squatch started out by selling handmade bar soaps for men.
The Los Angeles-based company currently sells deodorant, hair care products, colognes, lotions and other personal care products through its website and at brick-and-mortar stores.
Unilever said earlier that the acquisition of Dr Squatch would complement its men’s personal care offerings, which include Axe and Dove Men+Care deodorants, and that it would scale Dr Squatch internationally.
(1 British pound = $1.3727)
(Reporting by Rhea Rose Abraham in Bengaluru)
