Unilever To Buy New York-based Sundial Brands - Quick Facts

(RTTNews) - Consumer goods giant Unilever plc (UN, ULVR.L, UL) said it has agreed to acquire Sundial Brands, a New York-based personal care products company.

Terms of the transaction were not disclosed. Subject to regulatory approval, the transaction is expected to close in the first quarter of 2018.

Sundial's brands include SheaMoisture, Nubian Heritage, Madam C.J. Walker and nyakio. Sundial Brands' founder and CEO Richelieu Dennis began the company in 1991 with his college roommate, Nyema Tubman, and mother, Mary Dennis.

Through its Community Commerce business model, B Corp and Fair for Life certifications, Sundial's approach complements the Unilever Sustainable Living Plan or USLP to accelerate growth while increasing positive social impact.

Unilever noted that Sundial Brands will operate as a standalone unit within the company. Sundial's founder, Richelieu Dennis, will continue to lead the business as CEO and Executive Chairman.

As part of the deal, Unilever and Sundial are creating the New Voices Fund with an initial investment of $50 million to empower women of color entrepreneurs. The companies intend to scale the Fund to $100 million by attracting investments from other interested parties.

In addition, Unilever said it has appointed Esi Eggleston Bracey as EVP & COO of Unilever North America Personal Care, effective January 1, 2018. As part of her role, Bracey will work closely with Richelieu Dennis to further accelerate the growth, purpose-driven mission and consumer connectivity of Sundial Brands.

Sundial's 2017 turnover is expected to be about $240 million.