One of the largest black-owned personal care product companies, Sundial Brands (Shea Moisture, Nubian Heritage, Madame C.J. Walker and nyako), acquired by Unilever !
“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,” said Richelieu Dennis, founder of Sundial 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.”
According to their statement, Sundial Brands expects $240 million in revenue this year, .
“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.
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 community matters, this business matters and we can take it further,” said Esi Eggleston Bracey, newly appointed executive vice president and chief operating officer of Unilever North America Personal Care. “I think this transaction is about embracing it. It’s embracing the magic.