Dr. Squatch owner reportedly eyes US$2B brand sale amid rising popularity in men’s care
11 Apr 2024 --- Summit Partners, the majority owner of Dr. Squatch, is reportedly considering the sale of its men’s grooming brand that it hopes will value the company at over US$2 billion.
The private equity company is talking to investment banks Raymond James and Centerview Partners to find potential buyers, according to sources who requested anonymity as the discussions are confidential.
Sources say the men’s care brand acquired US$90 million in EBITDA over the past year and is growing rapidly.
Men’s care focus
Dr. Squatch was founded in 2013 by Jack Haldrup to create a natural men’s soap. The brand now has a product range that includes deodorants, hair care, colognes and lotions. Dr. Squatch products are available on its website and at retailers such as Walmart and Target.
Other men’s grooming brands, such as Every Man Jack have been reported to be exploring a sale. Last year, Unilever sold Dollar Shave Club to Nexus Capital Management.
Personal Care Insights previously spoke to John Ludeke, senior director of Brand Marketing at Dr. Squatch, about up-and-coming trends in men’s care and how to cater to an often-uncatered audience.
Dr. Squatch looks at potentially selling the brand.Beauty Business
In similar news, singer and actress Selena Gomez may offload her cosmetics empire, Rare Beauty. With a valuation of US$2 billion, the company reportedly hired financial advisers to weigh offers for a potential sale.
According to Bloomberg, the star plans to remain involved in the business, no matter the outcome. Rare Beauty apparently brought Goldman Sachs and Raymond James on board to field interest from firms looking to invest in or acquire the company. The bankers are said to have met with potential buyers but not with Gomez.
Additionally, Spanish company Puig announces plans to go public, making it one of Spain’s largest initial public offerings (IPO) in years. The luxury cosmetics group aims to raise €1.25 billion (US$1.35 billion) in a primary offering, followed by a more significant amount of existing stock through the IPO. According to reports, the group sale might bring in over €2.5 billion (US$2.7 billion).
By Sabine Waldeck
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