Two months following Unilever’s announced $2.7 billion acquisition of Carver Korea, the personal care giant announced the acquisition of Sundial Brands, a leading hair care and skin care company recognized for its innovative use of high-quality and culturally authentic ingredients. Founded in 1991 by Richelieu Dennis, Sundial targets multicultural and Millennials consumers through a purpose-driven business model primarily under its SheaMoisture, Nubian Heritage, Madam C.J. Walker and Nyakio brands. The company maintains broad distribution across the food, drug, mass, specialty and eCommerce channels.
The acquisition of Sundial Brands marks Unilever’s fourth beauty care acquisition of 2017 and further underscores Unilever’s focus on building their beauty care portfolio. The acquisition also highlights the continued desire of Unilever to address the needs of both Millennials and multicultural consumers with purpose-driven brands, such as its acquisition of Seventh Generation in 2016. With the transaction, Unilever and Sundial will allocate a $50 million initial investment to the New Voices Fund to empower women of color entrepreneurs.
Bain Capital owned a minority stake in Sundial Brands through an investment in 2015. Richelieu Dennis will continue to lead the business as Executive Chairman and Chief Executive Officer. Sundial Brands expects to generate approximately $240 million of revenue in 2017. The acquisition is expected to close in Q1’18.