Wild co-founders ‘land £100m' from sale of natural deodorant maker
A pair of UK entrepreneurs selling refillable deodorant cases and manuka honey lip balms made from natural ingredients have reportedly landed a near-£100m payday from the sale of their brand to the global consumer goods group Unilever.
Wild, founded by childhood friends Freddy Ward and Charlie Bowes-Lyon, has been bought by Unilever, the maker of Dove soap, Axe deodorant and Marmite.
Unilever has acquired the upmarket brand – which specialises in 'refillable, natural, body care' – as it seeks to shift its portfolio towards premium and high-growth brands.
Wild makes premium deodorants starting from £12, lip balms from £7.20, and body washes and hand washes priced from £15.40, using plant-based ingredients, with refillable, plastic-free packaging.
The Brixton-based startup changed hands for an undisclosed sum but is thought to be valued at £230m, according to the Times.
Wild was launched six years ago by Ward and Bowes-Lyon, who is first cousin three times removed of the late Queen Mother. They wanted to tackle the issue of single-use plastics and spotted a gap in the market for sustainable bathroom products. The deal will make the pair – who are both in their 30s – millionaires, as they reportedly own nearly 26% and 17% of the company respectively.
Fabian Garcia, the president of Unilever's personal care arm, said: 'The brand's innovative approach to formulations and packaging, and social-first marketing, has made Wild an unmissably superior brand and a perfect complement to our personal care portfolio.'
Bowes-Lyon said: 'Joining Unilever marks an exciting new chapter for Wild. Our mission to remove single-use plastic from the bathroom with desirable, innovative personal care products will be hugely strengthened by leveraging Unilever's expertise, scale and reach to further grow the brand and bring our vision to more consumers.'
Wild is backed by investors including the founders of Innocent Drinks. It is thought to have raised £10m from its backers in the past, including JamJar Ventures, the investment vehicle of Innocent Drinks' founders, Redbus Ventures and Slingshot Ventures.
Unilever is acquiring the brand while the consumer group is in the middle of a big shake-up, which involves 7,500 job losses, as it trims its food portfolio to focus more attention on its biggest sellers.
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It is spinning off its Ben & Jerry's and Wall's ice-cream division, announcing plans for a main stock market listing in Amsterdam, in a blow to the London stock market. It will have secondary listings in London and New York.
Unilever's chief financial officer Fernando Fernandez was promoted to chief executive last month, replacing Hein Schumacher, who was ousted after less than two years at the helm. Fernandez previously ran Unilever's beauty and wellbeing division, one of its fastest-growing businesses.
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