Unilever to acquire US personal care firm Sundial Brands

Consumer goods company Unilever has signed an agreement to purchase US-based personal care products firm Sundial Brands.

Financial details of the acquisition have not been disclosed.

Founded in 1991, Sundial focuses on haircare and skincare products formulated with high-quality ingredients. Its portfolio includes SheaMoisture, Nubian Heritage, Madam C.J. Walker, and nyakio brands.

Once the acquisition is completed, Sundial is set to operate as a standalone unit within Unilever and will be led by Richelieu Dennis as CEO and executive chairman.

Unilever personal care president Alan Jope said: “We are excited to partner with Richelieu and his team to enable Sundial to bring its unique product offerings and community impact to more people around the world.

“We look forward to continuing to grow the business and make an even bigger impact on society through Sundial’s community programmes.”

Under the agreement, the firms are also establishing the New Voices Fund with an initial investment of $50m. The firms plan to attract investments from additional interested parties to scale these fund to $100m.

Sundial Brands founder and CEO Richelieu Dennis said: “I am excited Sundial and Unilever have created this partnership, rooted in a purpose-driven ethos, that represents an incredible opportunity to take our Community Commerce economic empowerment and impact model to another level.”

Expected to complete in Q1 2018, the acquisition is subject to regulatory approval.