Unilever complements Unilever’s Sustainable Life Plan (USLP) to accelerate growth and increase its social impact with the announcement on Monday 27th of the acquisition agreement of Sundial Brands, American personal care products company founded in 1991 and based in New York.
The holder of the SheaMoisture, Nubian Heritage, Madame CJ Walker and Nyakio ™ of haircare and skin care, Sundial Brands is recognized for its high quality products and its Community Trade business model, B Corp certifications and Fair for Life, which meets Unilever’s Sustainable Living Plan (USLP). In addition, the company defends the inclusive beauty, attending to the needs of the makeup consumers of the brand, due to its robust portfolio of colors.
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 US$50 million to empower women of color entrepreneurs. The intention is to scale the Fund to US$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.”
“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,” said Alan Jope, President, Unilever Personal Care. “We look forward to continuing to grow the business and make an even bigger impact on society through Sundial’s community programs.”
In addition, Unilever has appointed Esi Eggleston Bracey, an experienced executive with a strong track record of business leadership toward cultural relevance in brand building, from Unilever North America Personal Care, effective January 1, 2018. Bracey will work in close collaboration with Dennis to further accelerate the goal-driven growth mission.
Sundial’s 2017 turnover is expected to be approximately US$240 million.
Terms of the transaction were not disclosed. Subject to regulatory approval, the transaction is expected to close in quarter one 2018.