Consumer goods giant Unilever is selling Dollar Shave Club to US-based private equity firm Nexus Capital Management LP for an undisclosed sum.
Commenting on the move, Fabian Garcia, president of Unilever Personal Care said, "This marks another step in our journey to transition our portfolio towards core strategic growth areas.
"Dollar Shave Club has a loyal membership and following, and I am confident the brand will thrive under its new ownership and continue to serve consumers across North America and beyond."
Dollar Shave Club offers razors and a range of other grooming products for men, including electric trimmers.
'Strong Brand Loyalty'
Michael Cohen, partner at Nexus Capital Management said, "We are thrilled to acquire Dollar Shave Club, based on its strong brand loyalty, pioneering DTC model, and omni-channel presence.
"We see growth potential and will invest in cutting-edge marketing, product quality and new innovations. Dollar Shave Club will also serve as a platform for additional brands with a similar DNA."
The transaction, subject to customary closing conditions, is expected to close this year.
Commenting on the deal, interim co-CEOs of Dollar Shave Club, Mary Jensen and Dale Brockmeyer, said, "We are grateful to Unilever for their support and are looking forward to a strong partnership with Nexus Capital Management.
"Their commitment to investing in our challenger brand will unlock future growth and create an inspiring environment for our employees."
Elsewhere, Unilever said that its board has decided to freeze chief executive Hein Schumacher's fixed pay for the next two years.