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Personal Care Mergers and Acquisitions Overview 2019

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Personal Care Mergers and Acquisitions Overview 2019 Personal Care M&A Overview Canada and US Market Insights January 2020 All $ values are in USD, unless otherwise stated Sources: S&P Capital IQ, Mergermarket M&A activity in 2019 was driven by strategic acquisitions by larger players aiming to expand their scale and enhance capabilities to meet changing consumer preferences The North American personal care M&A market has been Similar to other consumer product segments, the personal historically stable, with 2019 reporting the second highest care market is experiencing a shift in consumer preferences. transaction volume after 2016. The last few years have seen Innovative start-ups are selling on trend natural, organic, clean two distinct approaches to deal making, with large industry- and cruelty-free products, predominantly to millennial defining transactions for scale such as JAB Cosmetics’ consumers, who are more informed and seek transparency in acquisition of an additional 20% stake in Coty for $10 billion, ingredients, packaging, sustainability and ethical sourcing. The and small tuck-in acquisitions for capabilities and brands such effort to adopt a healthy lifestyle is driving demand for as SC Johnson’s acquisition of Oars + Alps, Mimi's Rock’s products made from natural and organic ingredients. Also, the acquisition of Maritime Naturals and Henkel’s acquisition of thirst for fresh ideas in the industry has seen marine eSalon. ingredient cosmetics make a splash. The industry has been disrupted by the growth of direct-to- Traditional players are evaluating differentiated, emerging consumer channels such as e-commerce platforms and the use brands that could strategically fit within their portfolio. This of social media to engage directly with consumers. This has includes conglomerates such as Unilever and P&G, which are given rise to a considerable number of start-ups, which are aiming to bring these innovative start-ups in-house and expand setting up websites and brand-specific social media accounts their market outreach. Further, there has been significant buy to build their brand and boost their sales. Glossier, a direct-to- and sell-side activity from PE groups, primarily in brands consumer brand that sells exclusively online and mainly relies offering skin and hair care products. Acquisitions made by on Instagram for product promotions, has grown to a $billion+ individual investors as well as PE firms such as Advent company. International, VMG Partners and H.I.G. Capital suggest that investors continue to remain bullish on the market and Furthermore, beauty tutorials on YouTube and influencer enthusiasm isn’t likely to fade in 2020. Buyers are expected to marketing on social media are driving the adoption of new favour brands that focus on sustainability and/or inclusivity trends such as skin care routines and online beauty and assimilate the socio-political scenario prevalent in the subscription services. As a result, mainstream cosmetic market. companies continue to face competition from independent “masstige” brands and celebrity start-ups, which has been one Industry insiders are keeping an eye on the prospective sales of the key drivers for M&A activity in the space. At the same of custom skin care brand Curology and influencer-favourite time, while start-ups are attracting new customers through cosmetics line Dose of Colors. Unicorns such as Glossier might innovative offerings, they are facing the challenge of building look to sell themselves or go public, while established brands brand loyalty. This has been a driver for unique deal such as Revlon are reviewing their strategic options. structures, with the original founder retaining a stake in the company post transaction. Coty’s acquisition of a 51% stake in Kylie Cosmetics is an example of this. Source: Secondary research 1|Personal Care M&A Overview North America Digital transformation, rising demand for skin care cosmetics, investment in private label and men’s grooming products are some additional trends shaping the personal care industry in North America Increasing usage of e-commerce platforms, artificial Investment in private label brands intelligence and adoption of augmented reality (AR) A shift toward private label is underway, albeit the North While social media and e-commerce have revolutionized the American penetration of personal care private-label brands is way brands can connect with consumers, digital low compared with other consumer product categories. transformation has been further complemented by the Private label accounts for only 4% of US retail sales in the prevalence of artificial intelligence and AR. beauty and care space, compared to 17% in the packaged good segment. Brands are capitalizing on these trends to market beauty products. YouCam’s makeup and L’Oréal’s ModiFace The changes in shopping habits of millennials and Gen Z are augmented reality app enable consumers to try on products, driving this trend – approximately 67% of shoppers believe that share looks and seek advice from beauty influencers. AR private label offers good value for their money. The growth enables real-time analysis and tracking of facial features using prospects in private label have attracted attention from photographs and videos uploaded by consumers on online retailers aiming to improve their margins. In Canada, Hudson’s platforms such as mobile apps and AR devices at cosmetics Bay launched “Les Essentials”, a line of beauty and skin care stores. products. Specialty beauty retailers such as Sephora and Ulta are investing in private-label products, and drugstores such as Shift in share of wallet from colour cosmetics to skin care CVS and Walgreens are developing their lines of in-house mass and “masstige” brands across product segments. The natural look trend has increased the focus of skin care and aesthetics. Rapidly ageing demographics have created a Growth in demand for men’s grooming products demand for anti-ageing products to prevent wrinkles, age spots, dry skin, uneven skin tone and even hair damage, Men are becoming more health-conscious and fashion-forward, thereby allowing new innovations to boost the industry and the male grooming category is responding positively to growth. online retail platforms and digitally conscious brands. Skin care requires more R&D than the other sub-categories Companies are expanding their product offering for men and and therefore tends to drive stronger brand loyalty than colour making acquisitions in the space. For example, in May 2019, cosmetics, fragrances or hair care, making consumers more Edgewell Personal Care Company acquired Harry’s Inc., a reluctant to switch brands. manufacturer of shaving products and grooming kits. M&ADeala overview volume reached its highest level since 2016; skin care continues to attract strategic s buyers, followed by diversified and aesthetics/salon/spa brands M&A activity over the years Distribution by category (2019) 60 10.0 20 6.0 18 9.0 5.0 50 16 Average 8.0 (volume) 14 7.0 4.0 40 12 6.0 10 3.0 30 5.0 8 4.0 2.0 6 20 3.0 M&A Total Volume Deal Total M&A Total Volume Deal 4 1.0 ($b) M&A Reported Value Deal 2.0 ($b) M&A Reported Value Deal 10 2 1.0 0 0.0 0 0.0 Color Skin and Hair care Oral care Aesthetics / Diversified 2014 2015 2016 2017 2018 2019 cosmetics body care salon / spa personal care Total M&A Deal Volume Reported M&A Deal Value ($b) Total M&A Deal Volume Reported M&A Deal Value ($b) 2019 Deal Value (including $10b JAB Cosmetics – Coty deal) Diversified personal care deal volume (including $10b JAB Cosmetics – Coty deal) The North American personal care market witnessed a total of JAB Cosmetics acquired an additional 20% stake in Coty for 51 deals in 2019, representing a 30.8% y-o-y increase. Deals $10 billion. The deal is expected to provide Coty the financial within the skin and body care segment continued to dominate backing to make additional bolt-on acquisitions and improve its the market in 2019, accounting for 35% of overall deals, market position. predominantly driven by increased demand from millennials. Volume was also driven by private equity investors targeting Deal value peaked at an all-time high in 2019, primarily due successful beauty and personal care brands and co- to three $billion+ acquisitions made by large, diversified manufacturers. Cornell Capital-backed KDC/ONE, a Quebec- players during the year. based co-manufacturer of beauty, health and personal care products made four acquisitions in 2019. 2|Personal Care M&A Overview North America Source: S&P Capital IQ, Mergermarket, Secondary research Select Transactions in 2019 Deal Value TEV / TEV / Date Target Buyer/Investor Business Description of Target Sub-sector ($m) Revenue EBITDA Knowlton Development Colour 12/17/19 HCT Group Designs and manufactures cosmetics products - - - Corporation cosmetics The Mane Choice 11/13/19 MAV Beauty Brands Manufactures and supplies hair care products Hair care 90.8 3.7x 14.2x Hair Solution Benchmark Cosmetic Knowlton Development Develops personal care products including anti-ageing, hair Hair care / skin 11/05/19 - - - Laboratories Corporation care, and other cosmetic products and body care Drunk Elephant Shiseido Americas Manufactures, markets and distributes a range of skin care Skin and body 10/08/19 845.0 11.3x - Holdings Corporation products care Offers a range of skin and body care products including Skin and body 10/06/19 Tatcha The Unilever Group 500.0 - - moisturizers, facial cleansers and cleansing oils care Offers skin and body care products for men, including Skin and body 09/12/19 Oars + Alps
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