Men’s Grooming Startup Manscaped Is Said to Explore Options
(Bloomberg) -- Manscaped, a startup that makes men’s grooming products, is exploring options including a potential sale or fundraising that could value it at more than $500 million, according to people with knowledge of the matter.
The company is working with an adviser, said the people, who asked not to be identified because the matter is private. One of the people familiar with the matter said the company could fetch a valuation of more than $700 million.
The company is generating about $100 million in annual sales, one of the people said.
“We continue our steadfast focus on maintaining the growth and scaling the business,” Paul Tran, Manscaped’s chief executive officer, told Bloomberg News.
He added that Manscaped will launch this week in 30 European countries, including France and Germany.
The San Diego-based company, which is known for its below-the-waist grooming and hygiene products such as The Lawn Mower and Weed Whacker, agreed to a handshake deal with Lori Greiner and billionaire Mark Cuban through the television show Shark Tank. However, the deal didn’t materialize after the show, Cuban said in an email to Bloomberg News.
Founded in 2017, Manscaped has several partnerships with in the sports world. It recently announced partnerships with the NFL’s San Francisco 49ers, the Los Angeles Kings hockey team, Professional Bull Riders and mixed martial arts organization UFC.
It’s also backed by investment firms Kaktus Capital, Longley Capital, Rx3 Venture Partners and Scala Ventures, according to PitchBook.
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