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Consumer Products M&A Trends: Spring 2020

Published June 16, 2020

Home > M&A Trends > Consumer Products M&A Trends: Spring 2020
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The past few months have unquestionably brought major changes to the way consumers think about personal care and household care. Evidence that consumers have simultaneously relaxed their personal grooming routines and heightened their focus on household hygiene is everywhere – from the trending hashtag #quarantinebeard to widespread shortages of disinfectant cleaners.

Changes in consumer behavior have deeply affected the personal care and household care industries in just a few months. Demand for household cleaners and personal hygiene products have surged, generating triple-digit increases in sales of products such as hand sanitizer, while the virus has exacerbated the already-ongoing decline in sales of discretionary personal care items and cosmetics. Prestige cosmetics brands and fragrances have been particularly hard hit, seeing significant sales declines driven by social distancing, working from home, and mask wearing. 

While a portion of this effect is driven by temporary measures – for example, somebody working from home has 11 fewer personal care occasions weekly than somebody who works away from the home – COVID-19 has prompted several changes that mirror longer-term trends in consumer preferences and will likely persist, at some level, post-pandemic. Purchases and usage of color cosmetics have been steadily declining for some time as women gravitate towards a more natural look. Months of social distancing, allowing consumers to spend significantly less time primping, are likely to accelerate the long-term trend of pared-back grooming routines and slow the recovery for certain categories of personal care products.

Meanwhile, the share of consumer products that is purchased online continues to rise, accelerating the pre-pandemic trend towards the increasing importance of e-commerce. Online sales were over 30% higher for the week of May 26 – June 1 vs. February pre-pandemic numbers, an increase much greater than the 15% year-over-year increase in e-commerce sales during 2019. The past few weeks have seen e-commerce sales begin to level off, but given the historical stickiness of e-commerce habits, it is reasonable to expect that the recent boost in online sales will endure post-pandemic.

Change brings opportunity, and the current situation presents an occasion for companies to align themselves with evolving consumer preferences, to connect with consumers, and to build loyalty. In this update, we’ll discuss how purchasing patterns have changed – both in terms of what consumers are purchasing and how they’re purchasing it – and examine how today’s landscape could shape the future of household and personal care products.

View the Report
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Consumer Spending by Category Reflects Changing Priorities

  • Trends have stabilized somewhat after the initial stockpiling of household care products and hand sanitizer in late March and early April
  • Heightened demand for household care products persists as Americans remain more concerned about home cleanliness than they did pre-pandemic
  • Sales of personal care products are recovering from their April-May slump
  • Consumer expenditures on cosmetics remain about 8% below pre-pandemic levels

U.S. Consumer Expenditures by Category: % Change vs. One Year Ago

A Greater Portion of U.S. Retail Purchases Are Occurring Online

  • Total retail expenditures are trending back towards pre-pandemic levels
  • Online purchases of consumer goods have declined slightly over the past few weeks but remain well above the pre-crisis baseline

Per-Capita Receipt Index by Purchase Method Relative to Pre-Crisis Baseline

COVID-19 Long-term Impact on Household and Personal Care Products

Some changes resulting from the pandemic are likely to survive over the longer term. Here are some trends that may endure, and how they will shape consumer demand in the future.

Heightened Focus on Household Care and Personal Hygiene

In household care and personal hygiene products, the pandemic has made consumers more aware of the need to maintain personal hygiene as well as a clean household, with an enhanced focus on ingredients that are safe, natural, and green. Trust will become increasingly important to consumers, allowing innovative and appealing brands to capture market share and loyalty. 

Shifting Priorities for “Nice to Have” Personal Care Items

Sales of personal care staples such as shampoo and deodorant will continue to remain relatively steady. Discretionary personal care items and premium brands will likely continue to see decreased sales in the near- to medium-term, as a struggling economy prompts consumers to tighten their budgets. Consumers will look to budget-friendly pampering to ease stress and boost their mood, and affordable, wellness-oriented luxuries could be a bright spot among personal care products for the foreseeable future.

Changing Form of Color Cosmetics

Already experiencing long-term declines in sales, traditional color cosmetics are likely to fall further out of favor, particularly among younger generations. Women continue to favor a natural look, using less makeup and focusing instead on skincare to achieve a naturally radiant glow. Light touch, hybrid skincare/makeup solutions, such as moisturizing foundation, will gain popularity over traditional makeup offerings. A heightened awareness of personal wellness and safety will further the popularity of clean and natural beauty products.

The Rise of DIY Beauty

DIY beauty categories such as hair dye and nail care have found new customers amidst shuttered beauty salons and tightening budgets. Innovative products that can produce salon-quality results at a more accessible price point are well-positioned to develop loyal customer relationships.

E-Commerce Trends Accelerated

The increased use of e-commerce is almost certain to drive a lasting change in consumer behavior. Now is the time for consumer brands to optimize their e-commerce strategy. It is imperative that businesses ensure operational preparedness to fulfill and deliver an increased number of online orders, and to manage customer expectations accordingly. Developing digital communications and messaging that resonates with the mindset of today’s consumer can help businesses form new customer relationships and build brand trust.

Publicly-Traded Household and Personal Care Companies

Household Care Products

Company NameMarket CapEnterprise ValueTTM RevenueTTM EBITDATTM EBITDA MarginTTM y/y Revenue Growth %Enterprise Value / TTM RevenueEnterprise Value / TTM EBITDA6-Mo. Share Price Change
Reckitt Benckiser Group plc$61,757.2 $75,795.9 $16,389.6 ($1,731.3)2.0% (10.6%)4.6x nm  8.3% 
Colgate-Palmolive Co  62,346.7   69,792.7   15,906.0   4,047.0 3.1% 25.4% 4.4x 17.2x 6.0% 
Kimberly-Clark Corp.  46,294.0   54,005.0   18,826.0   4,045.0 2.4% 21.5% 2.9x 13.4x 0.0% 
The Clorox Company  25,831.5   28,603.5   6,365.0   1,358.0 1.4% 21.3% 4.5x 21.1x 35.2% 
Church & Dwight Co Inc  17,969.8   19,705.9   4,478.2   1,104.1 7.0% 24.7% 4.4x 17.8x 4.4% 
Median$46,294.0 $54,005.0 $15,906.0 $1,358.0 2.4% 21.5% 4.4x 17.5x 6.0% 
Average$42,839.9 $49,580.6 $12,393.0 $1,764.6 3.2% 16.5% 4.2x 17.4x 10.8% 
($ in millions) • Source: Pitchbook as of 6/12/2020

Personal Care Products

Company NameMarket CapEnterprise ValueTTM RevenueTTM EBITDATTM EBITDA MarginTTM y/y Revenue Growth %Enterprise Value / TTM RevenueEnterprise Value / TTM EBITDA6-Mo. Share Price Change
Procter & Gamble Co.$286,233.8 $308,152.8 $70,346.0 $10,561.0 4.8% 15.0% 4.4x 29.2x (7.9%)
Unilever Nederland B.V.  126,764.8   153,006.0   58,188.7   12,049.7 2.0% 20.7% 2.6x 12.7x (11.8%)
Edgewell Personal Care LLC  1,476.4   2,332.8   2,114.2   (253.5)(2.2%)(12.0%)1.1x nm  (13.8%)
Median$126,764.8 $153,006.0 $58,188.7 $10,561.0 2.0% 15.0% 2.6x 20.9x (11.8%)
Average$138,158.3 $154,497.2 $43,549.6 $7,452.4 1.5% 7.9% 2.7x 20.9x (11.1%)
($ in millions) • Source: Pitchbook as of 6/12/2020

Cosmetics

Company NameMarket CapEnterprise ValueTTM RevenueTTM EBITDATTM EBITDA MarginTTM y/y Revenue Growth %Enterprise Value / TTM RevenueEnterprise Value / TTM EBITDA6-Mo. Share Price Change
Estée Lauder Companies Inc.$68,896.5 $72,909.5 $15,454.0 $2,537.0 6.1% 16.4% 4.7x 28.7x (5.8%)
Ulta Beauty, Inc.  12,761.9   14,397.1   6,828.2   862.5 (1.3%)12.6% 2.1x 16.7x (10.6%)
Coty, Inc.  3,716.3   12,657.2   7,931.2   (2,116.9)(10.2%)(26.7%)1.6x nm  (56.0%)
Revlon, Inc.  550.1   3,771.5   2,319.4   9.6 (9.3%)0.4% 1.6x nm  (53.8%)
e.l.f. Cosmetics, Inc.  845.2   952.0   282.9   52.5 5.7% 18.6% 3.4x 18.1x 13.9% 
Median$3,716.3 $12,657.2 $6,828.2 $52.5 (1.3%)12.6% 2.1x 18.1x (10.6%)
Average$17,354.0 $20,937.5 $6,563.1 $268.9 (1.8%)4.3% 2.7x 21.2x (22.5%)
($ in millions) • Source: Pitchbook as of 6/12/2020

Precedent Transactions: Household Care Products

DateTargetTarget Business DescriptionBuyerEnterprise  Value ($M)Enterprise Value /  RevenueEnterprise Value / EBITDA
Jan-19The LaundressProvides an eco-friendly line of detergent, fabric care, and home cleaning productsUnilever$100.0 ––
Jul-18Prestige Brands Holdings Household Cleaning BusinessIncludes the Comet, Spic & Span, Cinch, Chore Boy, and Chlorinol household product brandsKIK Custom Products69.0 0.9x5.9x
Nov-17NEST FragrancesProvides home and personal care products including scented candles, room sprays, soaps, and lotionsEurazeo Brands70.0 0.9x–
Feb-17HG InternationalEuropean supplier of specialist consumer cleaning and maintenance products marketed under the HG nameCobepa SA250.0 3.8x17.1x
Sep-167th GenerationManufactures plant-based detergents and household cleanersUnilever700.0 3.5x–
Jun-16Sun Products CorporationU.S.-based manufacturer of laundry detergent, fabric softeners, and other household care productsHenkel North American Consumer Goods3,600.0 2.3x18.8x
Household Care Products Median


$175.0 2.3x 17.1x 
Household Care Products Average


$798.2 2.3x 13.9x 

Precedent Transactions: Household Care Products

DateTargetTarget Business DescriptionBuyerEnterprise  Value ($M)Enterprise Value /  RevenueEnterprise Value / EBITDA
Dec-19Dr. Jart+Manufacturer and supplier of skin care products based in Seoul, South KoreaThe Estée Lauder Companies$1,902.0 3.8x–
Dec-19DevaCurlProvider of haircare products for curly hairHenkel505.5 5.4x–
Nov-19The Mane ChoiceManufactures and supplies hair care productsMAV Beauty Brands38.0 1.6x5.9x
Nov-19Drunk ElephantManufactures, markets and distributes a range of premium skin care productsShiseido Americas845.0 11.3x–
Sep-19Oars + AlpsProducer and retailer of men’s skincare productsSC Johnson20.0 ––
Sep-19Redwood Holding GroupManufacturer and distributor of hemp-derived CBD infused skincare and other consumer productsCronos Group 300.0 ––
Aug-19New AvonProducer and retailer of skincare, color cosmetics, fragrance, and personal care productsLG Household & Health Care 125.0 ––
Jul-19TatchaOperator of a luxury skincare brand with a collection of productsUnilever 500.0 5.0x–
Jul-19Nestle Skin HealthSkincare products including the Cetaphil and Proactiv product lines and prescription dermatology medicinesConsortium led by EQT Partners10,100.0 3.6x18.0x
Jul-19RanirManufacturer of consumer oral care products including power toothbrushes and tooth whitenersPerrigo Company 750.0 2.6x–
Jun-19Sun BumManufacturer and seller of sun care productsSC Johnson400.0 5.7x–
Mar-19Envy MedicalDeveloper of skincare productsAllergan81.4 ––
Mar-19ELEMISProvider of skincare products and treatments in the United KingdomL’Occitane International900.0 4.9x16.4x
Feb-19This is L.Provider of personal care productsProcter & Gamble 100.0 ––
Personal Care Products Median


$450.0 4.3x 16.4x 
Personal Care Products Average


$1,183.3 4.1x 13.4x 

Precedent Transactions: Cosmetics

DateTargetTarget Business DescriptionBuyerEnterprise  Value ($M)Enterprise Value /  RevenueEnterprise Value / EBITDA
Apr-20Clarins Group Fragrance DivisionOperator of a luxury fragrance and cosmetic group based in Paris, FranceL’Oreal–––
Feb-20W3ll PeopleManufacturer and retailer of organic makeup and beauty productsE.L.F. Cosmetics $27.0 3.9x–
Jan-20Kylie Cosmetics 51% StakeProvider of makeup products including lipsticks, lip kits, eyeshadow palettes, and highlightersCoty 1,176.5 6.7x–
Jan-20Avon ProductsManufacturer and distributor of beauty products worldwideNatura Cosmetics2,161.4 0.5x6.2x
Aug-19MorpheManufactures and markets a range of beauty products including lipsticks, pigments, and brushesGeneral Atlantic, Sofina3,666.7 7.3x28.2x
Apr-19Coty  20% StakeGlobal beauty company offering cosmetics, skin, fragrance, and haircare brandsJAB Holding Company8,737.5 1.0x9.8x
Cosmetics Median


$2,161.4 3.9x 9.8x 
Cosmetics Average


$3,153.8 3.8x 14.7x 

 

Meridian Capital's Consumer Transaction Experience

*Note: Includes transactions completed by Meridian bankers while at previous firms

Meridian Capital’s Consumer Team

Benton Sturt Photo
Benton Sturt
Director

Consumer M&A Reports

Consumer M&A Trends: Summer 2023

September 7, 2023

Consumer M&A Trends: Fall 2022

September 19, 2022

Consumer M&A Trends: Fall 2021

October 27, 2021

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