Men’s grooming brand The Man Company acquired by Emami for $72.8m
Emami, a fast-moving consumer goods company, is finalising a deal to acquire 100% stake in men's grooming brand The Man Company.
Transaction snapshot
Deal value: $72.8 million
Deal multiples: 2.2x revenue; 28x EBITDA
Deal type: Complete acquisition
Investors: Emami (acquirer), Hitesh Dhingra, Parvesh Bareja, and Bhisam Bhateja (existing shareholders)
This acquisition marks Emami's first complete buyout in the direct-to-consumer (DTC) space. The company already owns a controlling stake in The Man Company, holding over 50% as of July 2022.
Emami initially bought a 33.09% stake in The Man Company through two transactions in December 2017 and February 2019. The remaining shares are mostly held by co-founders Hitesh Dhingra, Parvesh Bareja, and Bhisam Bhateja, who collectively own about 35% of the company.
The deal is in its final stages and is expected to close within weeks, barring any last-minute issues.
For the fiscal year ending March 2024, The Man Company reported revenue of $33.7 million. The company claims that 70% of its revenue came from e-commerce channels, including major marketplaces and its website. It also reported EBITDA-level profitability of $2.6 million in FY24.
The Man Company has raised only $13.7 million in funding to date. It competes mainly with Beardo, which Marico acquired in July 2020 for about $63.7 million. Beardo's revenue exceeded $18.2 million in FY23, while another competitor, Ustraa, posted similar figures.
