(Reuters) — Unilever Plc (ULVR.L) said it has agreed to buy U.S.-based men’s grooming brand Dollar Shave Club in a deal that would expand the consumer goods group’s catalog of personal care products.
Financial terms of the deal were not disclosed.
However, Fortune reported citing sources that Unilever is paying $1 billion in cash for the Venice, California-based company.
Dollar Shave Club’s turnover is expected to grow to over $200 million in 2016 from $152 million last year, according to a statement from Unilever on Tuesday.
Unilever declined to comment on the report while Dollar Shave Club could not be reached outside regular market hours.
Dollar Shave Club founder Michael Dublin will continue to be the chief executive of the company after the deal that is expected to close in the third quarter of 2016.
The Anglo-Dutch maker of personal care products such as Axe, Dove, and Pond’s, is one of the biggest companies in its sector worldwide and competes with other giants like Procter & Gamble Co (PG.N) and Colgate-Palmolive Co (CL.N).
In December, P&G-owned razor brand Gillette filed a patent infringement lawsuit against Dollar Shave.