Unilever plc (ADR) (NYSE:UL) has announced its acquisition of Dollar Shave Club.
Unilever didn’t disclose details of the transaction. However, it did note that Dollar Shave Club has 3.2 million members and that it offers several male grooming products that will enhance its offerings.
In 2015, Dollar Shave Club had a turnover of $152 million and it’s expected to surpass $200 million in 2016. The deal will have Michael Dubin remaining as the company’s CEO following the Unilever acquisition.
According to sources close to the matter, Unilever paid $1 billion for Dollar Shave Club. Venrock Partners’ David Pakman said that the offer represents a “10x” return to his firm for its investment in Dollar Shave Club.
The deal is expected to close in Q3 2016 following approval from regulators.
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