Though the terms of the acquisition weren't revealed in the press release Unilever put out announcing its purchase of Dollar Shave Club, Fortune reports that the company has scooped up the four year old Venice, California company for $1 billion in cash. Dollar Shave Club was founded in 2012 and was previously valued at $539 million after a $160 million funding round last November. In a prepared statement Kees Kruythoff, President of Unilever North America said:
"Dollar Shave Club is an innovative and disruptive male grooming brand with incredibly deep connections to its diverse and highly engaged consumers. In addition to its unique consumer and data insights, Dollar Shave Club is the category leader in its direct-to-consumer space. We plan to leverage the global strength of Unilever to support Dollar Shave Club in achieving its full potential in terms of offering and reach."
[Image: Dollar Shave Club] MG