Private equity firm Summit Partners has agreed to sell Los Angeles-based men’s grooming brand Dr Squatch to consumer goods giant Unilever in a deal reportedly worth $1.5bn, according to a report by the Financial Times.
The transaction marks a major exit for Summit, which had been exploring a sale of the fast-growing personal care brand since last year.
Founded in 2013, Dr Squatch began as a handmade soap brand and has since expanded into a full range of men’s grooming products, including deodorants, hair care, and colognes. The business has grown rapidly through direct-to-consumer sales and retail partnerships.
The acquisition will enhance Unilever’s men’s personal care portfolio, which includes Axe and Dove Men+Care, and is aimed at scaling Dr Squatch internationally.
