PALO ALTO, CA/JULY 26, 2016 – Comerica Bank’s Technology and Life Sciences (TLS) Division began a lending relationship in 2012 with Dollar Shave Club, which delivers razors and other personal grooming products straight to consumers by mail. The Santa Monica, Calif.-based company had just a few thousand members when it became a Comerica client. Today it has approximately 3.2 million members.
Last week Unilever announced it had signed an agreement to purchase Dollar Shave Club.
“The team at Comerica believed in us from the very early days and have continued to support us as we have grown,” said Daniel Murray,” Chief Financial Officer, Dollar Shave Club. “They’ve been a great partner; without a doubt, we wouldn’t have gotten as far without their backing.”
“We are extremely grateful to be a part of the Dollar Shave Club’s incredible journey,” said Dennis Rapoport, Senior Vice President, Comerica Bank, of the TLS Palo Alto office. “It’s very rewarding to see the team achieve this level of success.”
Comerica’s TLS division has been lending to venture-backed startups for more than two decades including a number of e-commerce companies. The sale of Dollar Shave Club, however, represents the most significant M&A transaction for any e-commerce client to date.
About Comerica Bank’s Technology and Life Sciences Division
Comerica Bank’s Technology and Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, venture backed technology and life sciences companies, as well as their more mature counterparts. The Technology and Life Sciences Division serves all major U.S. technology centers from offices coast-to-coast and its headquarters in Palo Alto, California as well as an office in Toronto, Canada. Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company that is among the 25 largest U.S. financial holding companies. For more information, visit www.comerica.com. To find Comerica on Facebook, please visit www.facebook.com/Comerica. Follow us on Twitter: @ComericaCares.
Media Contact:
Susan Siravo
sesiravo@comerica.com
(408) 398-0754
