11.28.17
Unilever, which has been on an acquisitions streak over the past couple of years, has now announced an agreement with Sundial Brands, a New York-based personal care products company. The multinational has appointed Esi Eggleston Bracey—a seasoned beauty executive with a strong track record—as EVP & COO of Unilever North America Personal Care, effective January 1, 2018. She will work closely with Richelieu Dennis, founder and CEO, Sundial Brands.
Sundial Brands is a leading haircare and skincare company recognized for its innovative use of high-quality and culturally authentic ingredients. Sundial’s brands include SheaMoisture, Nubian Heritage, Madam C.J. Walker and nyakio (shown). Since its founding in 1991, Sundial has championed inclusive beauty and has served the unmet needs of consumers of color through its robust innovation pipeline, product offerings and purpose-driven business model. Through its Community Commerce business model, B Corp and Fair for Life certifications, Sundial’s approach complements the Unilever Sustainable Living Plan (USLP) to accelerate growth while increasing positive social impact.
Sundial Brands will operate as a standalone unit within Unilever. Sundial’s founder, Richelieu Dennis, will continue to lead the business as CEO and executive chairman.
As part of the agreement, Unilever and Sundial are creating the New Voices Fund with an unprecedented initial investment of $50 million to empower women of color entrepreneurs. The intention is to scale the Fund to $100 million by attracting investments from other interested parties.
“The Sundial team has built differentiated and on-trend premium brands serving multicultural and millennial consumers that enhance our existing portfolio,” said Kees Kruythoff, president, Unilever North America. “Sundial is an important addition to our U.S. portfolio of purpose-driven companies, which includes Ben & Jerry’s and Seventh Generation.”
Sundial’s 2017 turnover is expected to be approximately $240 million.
Terms of the transaction were not disclosed. Subject to regulatory approval, the transaction is expected to close in quarter one 2018.
Sundial Brands is a leading haircare and skincare company recognized for its innovative use of high-quality and culturally authentic ingredients. Sundial’s brands include SheaMoisture, Nubian Heritage, Madam C.J. Walker and nyakio (shown). Since its founding in 1991, Sundial has championed inclusive beauty and has served the unmet needs of consumers of color through its robust innovation pipeline, product offerings and purpose-driven business model. Through its Community Commerce business model, B Corp and Fair for Life certifications, Sundial’s approach complements the Unilever Sustainable Living Plan (USLP) to accelerate growth while increasing positive social impact.
Sundial Brands will operate as a standalone unit within Unilever. Sundial’s founder, Richelieu Dennis, will continue to lead the business as CEO and executive chairman.
As part of the agreement, Unilever and Sundial are creating the New Voices Fund with an unprecedented initial investment of $50 million to empower women of color entrepreneurs. The intention is to scale the Fund to $100 million by attracting investments from other interested parties.
“The Sundial team has built differentiated and on-trend premium brands serving multicultural and millennial consumers that enhance our existing portfolio,” said Kees Kruythoff, president, Unilever North America. “Sundial is an important addition to our U.S. portfolio of purpose-driven companies, which includes Ben & Jerry’s and Seventh Generation.”
Sundial’s 2017 turnover is expected to be approximately $240 million.
Terms of the transaction were not disclosed. Subject to regulatory approval, the transaction is expected to close in quarter one 2018.
