Verdane enters into agreement with Bayn Group to realise The Humble Co., a sustainable disruptor of the global oral care industry

Verdane, the Northern European specialist growth equity investor, announces today that it has entered into an agreement with Bayn Group AB (“Bayn”), a Swedish publicly listed food-tech company, to sell its stake in The Humble Co. AB (“Humble” or the “Company”), a leading branded consumer goods business in the oral and personal care market. Known to consumers worldwide for its bamboo toothbrush, The Humble Co. has played a key role in catalysing a sustainability shift taking place across the global oral care industry as it moves away from using plastics. Since Verdane invested in 2018, the company’s revenue has grown by more than 325 per cent and its EBITDA margin risen from 7 to 40 per cent during the same time frame. The transaction is expected to close in May.

Based in Sweden, Humble designs and sells eco-friendly and socially responsible products to markets mainly in Europe and the U.S. The Company was founded in 2014 by dentist and entrepreneur Noel Abdayem, after his experience with plastic waste whilst performing voluntary work in Jamaica. Verdane partnered with Humble in 2018, identifying the Company’s sustainable product offering and the potential to increase its pace of expansion to a global scale.

Verdane looks for opportunities to partner with sustainable, tech-enabled Northern European businesses to help them reach the next stage of international growth. Since Verdane’s investment, Humble’s annual sales have gone from north of 1.5 million to roughly 10 million products per year as the company has grown from selling in 20 to approximately 70 countries across the world. Verdane has supported the company with new market entry, key personnel recruitments and strategic M&A in the U.S. to strengthen the company’s distribution network. In addition, Verdane has provided strategic guidance as Humble has expanded its product assortment beyond its hallmark bamboo toothbrush, to today offer a broad oral and personal care assortment, including eco-friendly interdental cleaning products and cotton swabs.

Björn Beckman, Principal at Verdane, commented: “We want to thank Noel and the Humble Co. team for a fantastic growth journey that has contributed to a sustainability disruption of the global oral care industry. Together, we have gone from north of 1.5 million to 10 million products sold annually in just three years. Correspondingly, revenues have grown by more than 325 per cent since we originally invested. We are particularly proud of Humble’s impactful contribution to the fight against the use of plastics in oral care products, with each product sold contributing to saving plastic from ending up in landfills and oceans.”

Noel Abdayem, CEO and founder of The Humble Co. AB, commented: “We are very pleased to have had Verdane as a partner on our growth journey these past three years, and would like to thank the team for their valuable insights, expertise and support which have allowed us to continue to catalyse a sustainability shift taking place across the global oral care industry. We are now perfectly positioned to pursue the next stage of our journey and enter a new phase of sustainable growth alongside Bayn.”

Verdane looks to deploy capital behind three core themes; the Digital Consumer, Software Everywhere and Sustainable Society. Its nine funds hold more than €3bn in total commitments and have made over 120 investments in fast-growing businesses such as Humble since 2003. Verdane has spent over ten years building in-house expertise in sustainable society investments. Other fast-growing Northern European companies that contribute to building a sustainable and inclusive society and that have partnered with Verdane include asgoodasnew, Danelec Marine, Lingit, momox, Polytech, Porterbuddy and Spares Group.

The Humble Co. and Verdane were advised by Rothschild & Co. (financial advisor) and Baker & McKenzie (legal advisor). Bayn Group AB was advised by Carnegie Investment Bank AB (financial advisor) and Rämsell Advokatbyrå AB (legal advisor).