1 Min Read |
Foreo AB, the six-year-old Swedish beauty company known for its electric facial cleansers and toothbrushes, is working with advisers as it considers selling itself, people familiar with the matter said.
The firm could fetch more than $1 billion in a sale, the people said, asking not to be identified because the deliberations are private. Private equity firms are expected to be among the bidders, one of the people said. The plans are at an early stage, and the company may still decide against a sale, they said.
A representative for Foreo didn’t immediately respond to a request for comment.
Foreo — founded by Chief Executive Officer Filip Sedic in 2013 — comes to market amid a steady stream of mergers and acquisitions in the personal care products sector, as large players such as Procter & Gamble Co. and Johnson & Johnson strike deals to broaden their offerings.
The company’s best-selling products include the Luna line of skin cleaners, egg-shaped brushes that exfoliate and massage the face and its Issa electric toothbrushes. The Luna 2 sells for 169 pounds ($221) and its Issa 2 for 149 pounds, according to its website.
Written by Vinicy Chan and Ruth David for Bloomberg