Houlihan Lokey Advises Thinx

Houlihan Lokey is pleased to announce that Thinx Inc., the category leader in sustainable feminine hygiene solutions, has sold a majority stake to Kimberly-Clark Corporation (KCC). Houlihan Lokey served as the exclusive financial advisor to the special committee of Thinx. The transaction closed on February 24, 2022.

Thinx is a family of four reusable underwear brands dedicated to creating sustainable products that support bodies from puberty to post-menopause. Together, Thinx, Thinx (BTWN), Speax by Thinx, and Thinx for All lead the market in delivering innovative, sustainable, and comfortable menstruation and incontinence products. The company’s cutting-edge, inclusive marketing and digital-first strategy has made Thinx a leading female-led, direct-to-consumer brand and contributed to the rapid expansion of the period underwear category.

KCC is a global personal care and wellness company founded in 1872 whose paper-based and reusable products are used daily by customers in more than 175 countries. KCC creates innovative, essential, and responsible products under brands such as Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, and Depend. KCC has a market cap of approximately $45 billion and generates annual revenues of approximately $19 billion.

Houlihan Lokey served as the exclusive financial advisor to the special committee of Thinx’s board of directors, assisting in structuring and negotiating the transaction and rendering a fairness opinion.

Houlihan Lokey’s role in the transaction demonstrates the success of its leading Special Committee Advisory and Consumer Health and Personal Care franchises and also underscores its leadership in advising women’s health and female-led companies.