Harry’s co-founder and co-CEO Jeff Raider Photo by Diarmuid Greene/Collision via Sportsfile

Harry’s — the popular Razor brand launched in 2013 by Andy Katz-Mayfield and Jeff Raider (also co-founder of Warby Parker) has reached a deal to be acquired by Edgewell Personal Care, the company behind the Schick and Wilkinson Sword shaving sticks and disposable razors products. Edgewell is paying a combined $1.37 billion in cash and stock for Harry’s, a slight jump from a $1 billion valuation last year.

79% of the acquisition amount will be paid in cash while the rest gets paid with Edgewell shares. Following close of the purchase, Harry’s shareholders will own roughly 11% of Edgewell. Also, Harry’s co-founders will join Edgewell as co-presidents of U.S. operations. The acquisition is expected to close by Q1 2020.

image: Harry’s

Harry’s has raised a total of $375 million in funding according to Crunchbase data. Investors in the company include Tiger Global, Light Street Capital, Temasek Holdings, Wellington Management, and Red Swan Ventures. The company’s acquisition reminisces that of Dollar Shave Club, another shaving products startup acquired by Unilever for $1 billion in 2016.

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