Carlyle to explore sale of men's grooming brand Every Man Jack -sources
Reuters
Published Oct 30, 2023 09:10AM ET
Updated Oct 30, 2023 11:32AM ET
By Abigail Summerville
NEW YORK (Reuters) - Carlyle Group (NASDAQ:CG) is preparing to explore a sale of Every Man Jack, a men's personal-care company that could be worth around $400 million, according to people familiar with the matter.
Carlyle, a private-equity firm, has been interviewing investment banks to hire a financial advisor that will run a sale process for Every Man Jack, the sources said, cautioning that no deal is certain.
Every Man Jack generates more than $100 million in annual revenue, the sources added.
Carlyle declined to comment. Every Man Jack did not respond to a request for comment.
Every Man Jack sells products for the body, hair and beard, as well as for shaving and skin care, made with naturally derived ingredients. The Corte Madera, California-based company, which got started in 2007, sells its goods online and at retailers including Target and Walmart (NYSE:WMT).
Carlyle acquired a majority stake in Every Man Jack from its founder Ritch Viola in 2020 for an undisclosed amount.
A new deal for Every Man Jack would follow Unilever (LON:ULVR)'s agreement last week to sell one of its men's personal care brands, Dollar Shave Club, to private-equity firm Nexus Capital Management.
Carlyle told its staff last month it would not make new investments in U.S. consumer, media and retail companies so it can focus on other sectors. The buyout firm began preparations to sell Every Man Jack before its decision to wind down its consumer investment team, because Every Man Jack has grown considerably under Carlyle's ownership, the sources said.
Carlyle's previous consumer investments that are still in its portfolio include beauty brand Beautycounter and animal care and nutrition company Compana Pet Brands.
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Written By: Reuters
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