Consumer goods giant Unilever has agreed to acquire US haircare and skincare company Sundial Brands.
The acquisition of Sundial Brands, which has annual turnover of around $240m, is intended to help drive growth in Unilever’s Personal Care segment.
Unilever did not disclose the financial details of the transaction.
Unilever said it hoped to better serve the needs of “under-served, multicultural and millennial consumers.”
Sundial is a haircare and skincare company that positions itself as using high-quality, “culturally authentic” ingredients. Its products are mainly purchased by African-Americans.
As part of the deal, Unilever and Sundial pledged to create the so-called New Voices Fund with an initial investment of $50m, aimed at empowering women of colour entrepreneurs.
Unilever said it hoped to build the fund to $100m by attracting investments from other interested parties.