Unilever has announced the sale of Dollar Shave Club to Nexus Capital Management LP, a US-based private equity firm.
In addition to its razors, Dollar Shave Club also offers a range of male grooming products, including its aerosol "Swamp Stop Ball Spray".
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.”
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.
"We are excited to work with Dollar Shave Club employees to drive accelerated growth and welcome Unilever's continued partnership.”
Dollar Shave Club interim co-CEOs 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."
Unilever will retain a minority shareholding of 35%.
The transaction is expected to close this year subject to customary closing conditions.
Financial terms of the agreement are undisclosed.
Unilever sells Dollar Shave Club
