Unilever to acquire US skincare producer | Progresiv

Unilever has continued its recent acquisition spree by announcing a deal to buy Sundial Brands, a local producer of hair and skincare products, for an undisclosed price.

Sundial owns brands such as SheaMoisture, Nubian Heritage, nyakio, and Madam C.J. Walker, and is expected to report sales of 240 million dollars this year.  Following the deal, Sundial will operate as an independent unit within Unilever, and will continue to be headed by founder Richelieu Dennis.

Sundial’s brands have become popular amongst ethnic groups, particularly African, African-American and other black women. The acquisition follows Unilever’s investment in Beauty Bakerie earlier this year, which also boasts of a strong following in the same consumer segments.

Unilever noted: “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 US portfolio of purpose-driven companies.”

Unilever and Sundial also announced the creation of New Voices Fund, which aims to “empower women-of-colour entrepreneurs.”  The fund will launch with an initial investment of 50 million dollars, with the aim of growing this to 100 million dollars by “attracting investments from other interested parties.” (www.kamcity.com)