Unilever has signed an agreement to snap up male grooming brand Dr. Squatch for an undisclosed sum.
The British consumer goods giant will acquire the personal care company from growth equity firm Summit Partners in a move described as “expanding Unilever’s portfolio towards premium and high growth spaces”.
The transaction is expected to close later this year, subject to customary regulatory approvals and closing conditions.
Dr. Squatch was founded in 2013 as a direct-to-consumer brand, offering natural, high-performance personal care products.
Its portfolio spans soaps, body washes, deodorants, hair care and skin care, as well as other men’s grooming products.
The brand has gone viral of late thanks to its limited-edition Sydney Sweeney bathwater soap, which is infused with bath water from the Hollywood actress.
Not to mention for its popular SpongeBob SquarePants and Call of Duty collaborations.
Fabian Garcia, President of Unilever Personal Care, said: “I am thrilled to welcome Dr. Squatch into the Unilever family.
“Dr. Squatch has built a solid foundation and loyal following with highly desirable products and clever digital engagement strategies.
“Building on its success in the US, we are excited to scale the brand internationally and complement our offering in the fast-growing men’s personal care segment.”
Josh Friedman, CEO of Dr. Squatch, commented on the news, explaining the acquisition would help the brand reach new heights.
“Our mission at Dr. Squatch is to inspire and educate men to be happier and healthier, and we are excited about our ability to amplify our brand and mission in this next chapter with Unilever.
“We are just getting started at Dr. Squatch, and we are thrilled about the opportunity to advance the brand's scale, reach new heights internationally, and entertain and positively connect with more consumers seeking high-quality, natural products around the world.”
After what felt like an ongoing beauty M&A slowdown this year, the market seems to be picking up again.
Dr. Squatch’s acquisition follows in the footsteps of L’Oréal snapping up a majority stake in premium skin care brand Medik8.
e.l.f. Beauty has also bought Hailey Bieber’s beauty brand Rhode in a deal worth US$1 billion.