Table: Roxanne Quimby’s Profile
| Net Worth | $400 million |
|---|---|
| Salary | N/A |
| Birthdate | July 11, 1950 |
| Birthplace | Cambridge, Massachusetts |
| Gender | Female |
| Height | N/A |
| Profession | Businesswoman |
| Nationality | American |
What is Roxanne Quimby’s Net Worth?
Roxanne Quimby, an American businesswoman, has a net worth of $400 million. She is widely recognized as one of the richest individuals in the state of Maine. Quimby accumulated her wealth as the co-founder of the personal care products company, Burt’s Bees. Together with beekeeper and businessman Burt Shavitz, she established the company in 1991. After buying out Burt in 1993, Roxanne successfully sold 80% of Burt’s Bees to a private equity firm in 2004, earning $173 million. Subsequently, in 2007, the entire company was sold to Clorox for $925 million, which added an additional $185 million to her net worth. In total, Roxanne Quimby received $358 million from the sales of Burt’s Bees.
Highlights
– Roxanne Quimby has a net worth of $400 million.
– She co-founded Burt’s Bees, a personal care products company.
– Burt’s Bees was sold for a total of $925 million.
– Quimby received $358 million from the sales.
– She is known for her philanthropy and community leadership in Portland, Maine.
Early Life
Roxanne Quimby was born on July 11, 1950, in Cambridge, Massachusetts. She grew up in Lexington, raised by a homemaker mother and an engineer and salesman father. Despite her family’s business-oriented background, Quimby chose to pursue art and enrolled at the San Francisco Art Institute. However, she was strongly influenced by the back-to-the-land movement and decided to switch her focus to a more rural lifestyle after earning her BFA.
Career
In 1975, Quimby and her then-boyfriend George St. Clair moved to Maine and settled near Guilford. They built their own home and adopted a rustic lifestyle. In 1984, Roxanne met beekeeper Burt Shavitz and began making candles using leftover beeswax. This marked the beginning of their business partnership. Eventually, they formed Burt’s Bees and established a headquarters in a renovated schoolhouse.
After initially selling candles, they expanded their product line to include soaps, perfumes, and their iconic lip balm, which gained immense popularity. In 1993, conflict arose between Quimby and Shavitz, leading to Shavitz’s departure from the company. Following this, Burt’s Bees solely focused on personal care products. The company experienced significant growth, expanding its production facilities and retail stores.
In 1999, Quimby acquired Shavitz’s stake in the company, and Burt’s Bees relocated to Durham, North Carolina. Over the years, the company continued to innovate and expand its product offerings, introducing toothpaste, shampoo, and cosmetics. The success of Burt’s Bees led to the company being acquired by AEA Investors in 2004 and later by Clorox in 2007.
Personal Life
Roxanne Quimby currently resides in Portland, Maine, where she is renowned for her philanthropy and community leadership. Aside from her business ventures, she has dedicated her fortune to projects focused on environmental conservation. Notably, she purchased a significant amount of forested land in Maine, donated portions of it to establish a national park, and acquired and restored the Ocean Wood Campground on Maine’s Schoodic Peninsula.
Quimby’s personal life also gained attention through the 2014 documentary film “Burt’s Buzz,” which explores her relationship with Burt Shavitz and the history of their company. Regrettably, Burt Shavitz passed away in 2015 at the age of 80.
Net Worth Over Time
Roxanne Quimby’s net worth has fluctuated over time. With the sale of Burt’s Bees, she received a significant amount of money from two transactions. Initially, in 2004, when she sold 80% of the company to a private equity firm, Quimby earned $173 million. Then, in 2007, when Clorox acquired the entire company, she received an additional $185 million. These sales, combined with the dividends she earned before selling, contributed to her current net worth of $400 million.
Components of Net Worth
Roxanne Quimby’s net worth primarily stems from her ownership and sale of Burt’s Bees. The company’s success and subsequent acquisition by Clorox played a crucial role in amassing her wealth. Additionally, her shrewd business decisions and innovation led to the expansion of Burt’s Bees’ product line, further boosting her net worth. Quimby’s investments in real estate and her philanthropic endeavors also contribute to her overall net worth.
In conclusion, Roxanne Quimby’s net worth of $400 million solidifies her status as one of the wealthiest individuals in Maine. Through her co-founding and eventual sale of Burt’s Bees, she achieved enormous financial success. Quimby’s passion for environmental conservation and contributions to her community showcase her dedication beyond her financial accomplishments.