M&A in the deodorant space

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Deodorant/Personal Sweat Control Brands - M&A or VC/PE Funding


Natural Deodorants seem to be having their moment. They have been the subject of recent acquisitions, yet the market seems saturated with small natural companies and little is being invested. So far two recent major acquisitions by Unilever and Procter and Gamble have been making headlines. But Venture Capital and Private Equity investors still seem to be making limited investments so far.


After extensive research, I was only able to find a handful of acquisitions and start-up funding for deodorant and sweat-control type brands. This research was restricted to brands within the USA. Due to limited information available to the public, I was not able to get enough financial data for each brand. Below are the brands I found:

Native Deodorant

The San-Francisco based Natural deodorant brand NATIVE, launched 2.5 years ago, was sold to Procter and Gamble in November 2017 for $100 million cash. As an online distributor of deodorant, it had received just $500,000 from Azure Capital Partners and was able to use profits from its business with over a million customers to reinvest in growth.

Thompson Tee

The only patented sweat proof undershirt company Thompson Tee has achieved 100 percent year-over-year revenue growth, from $4 million in 2016 to $8 million in 2017.
In May 2017, investor Robert Herjavec offered a $700,000 investment to Thompson and co-founder Randy Choi on ABC’s “Shark Tank”.
In 2017, competitor Advadri’s assets were acquired by Thompson Tee in a friendly takeover.

Schmidt's Naturals

On December 14, 2017, Unilever announced its acquisition of natural deodorant brand Schmidt's Naturals. The financials of the transaction were not disclosed.

Oars + Alps

Oars + Alps, the men’s grooming line, was launched by Mia Saini Duchnowski and her co-founder and friend Laura Lisowski Cox.
The company launched their first three products — a deodorant stick, an eye cream and a facial soap, in October 2016.

They have currently raised $1.3 million of financing from Chicago’s own investment firms Breakout Capital and the Levy family’s personal investment vehicle.


Brothers Raj and Akhil Shah, have invented a technology which can make cotton, silk and other fabrics stain and sweat-resistant. Their Seattle-based start-up Ably promises customers with its new "everything resistant" shirt.

They recently held a Kickstarter campaign, resulting in $540,112 in funding from 4,900 backers. Additionally, seven figures of investments have been made personally by the brothers for developing the technology and the brand.

Pit Liquor

A Colorado couple Erica and Jason Feucht have introduced a new deodorant made with whiskey. The product comes in three varieties: Whiskey Lavender, Whiskey Vanilla, and Whiskey Black Pepper.
Pit Liquor: Natural, Toxin-Free Whiskey Deodorant. They claim that the alcohol in the deodorant kills bacteria in the sweat that causes the smell. 476 backers pledged $19,481 on their recent Kickstarter Campaign.

Lume deodorant

Dr. Shannon Klingman, a gynecologist has developed and patented her all natural deodorant for underarms and private parts called Lume deodorant. She has just auditioned to be on the ABC TV show, Shark Tank, hoping to find investors. She said, "I think they're looking for innovators", which signifies the possibility of future acquisitions.


So far, Venture Capital and Private Equity investments in natural deodorants and Sweat-Control Products market are limited. Two recent acquisitions by Unilever and Procter and Gamble seem to be the only flashy investments.