Unilever announced on Monday that it would acquire one of the largest black-owned personal care product companies, Sundial Brands.
Sundial Brands is home to Shea Moisture, Nubian Heritage, Madame C.J. Walker and nyako. Sundial founder Richelieu Dennis will continue to lead business as CEO and executive chairman for the company, which he launched in 1991 in Liberia with his mother and a close friend.
“I’ve always wanted Sundial Brands to be an inspiration to other minority-owned companies of how a business against all odds can achieve excellence, have significant social impact in our communities and be successful on a world stage,” Dennis said in a press release. “I am excited Sundial and Unilever have created this partnership, rooted in a purpose-driven ethos, that represents an incredible opportunity to take our Community Commerce economic empowerment and impact model to another level.”
Though the terms of the deal weren’t disclosed, Sundial Brands expects $240 million in revenue this year, according to their statement.
As a part of the acquisition, Unilever and Sundial have committed an initial investment of $50 million to empower women of color entrepreneurs through their New Voices Fund.
“The Sundial team has built differentiated and on-trend premium brands serving multicultural and millennial consumers that enhance our existing portfolio,” Kees Kruythoff, the president of Unilever North America, said in the statement. “Sundial is an important addition to our U.S. portfolio of purpose-driven companies, which includes Ben & Jerry’s and Seventh Generation.”