Unilever, the FMCG multinational, has announced the expansion of its personal care portfolio with the acquisition of New York, USA based toiletries firm Sundial Brands for an undisclosed sum.
Announcing the move in a statement, Unilever said that the move would “accelerate […] category growth by addressing under-served needs of multicultural and millennial consumers”.
Founded in 1991, Sundial Brands manufactures haircare and skincare products predominantly focusing on the needs of consumers of colour, and has a brand range that includes SheaMoisture, Nubian Heritage, Madam CJ Walker and Nyakio. Unilever said that firm, which is expected to generate $240 million in 2017, was “recognized for its innovative use of high-quality and culturally authentic ingredients”.
As part of the acquisition, Unilever and Sundial Brands said that they intended to invest $50 million in a New Voices Fund in order to “empower women of color entrepreneurs”.
Commenting on the move, Unilever North America president Kees Kruythoff said: “The Sundial team has built differentiated and on-trend premium brands serving multicultural and millennial consumers that enhance our existing portfolio. Sundial is an important addition to our U.S. portfolio of purpose-driven companies, which includes Ben & Jerry’s and Seventh Generation”.