What the Unilever Acquisition Means for SheaMoisture
"I feel humbled and I feel grateful..."
-Richileu Dennis, founder + CEO of Sundial
Twenty-six years ago, Richelieu Dennis and his college roommate were selling products created from his grandmother's shea butter recipes on the streets of New York. Monday, Dennis' company, Sundial Brands, was sold to Unilever in one of the largest beauty deals of 2017.
"I feel humbled and I feel grateful," Dennis, Sundial's CEO and founder told me Monday, shortly after the deal became public. "I also feel like this is a victory for minority-owned businesses. They're able to build something of tremendous value and keep it grounded in the community."
Terms of the transaction were not disclosed, and it is expected to close in 2018.
As part of the agreement, Unilever and Sundial are creating the New Voices Fund with an unprecedented initial investment of $50 million to empower women of color entrepreneurs. The intention is to scale the Fund to $100 million by attracting investments from other interested parties.
Dennis said Sundial, parent company of such curl favorites as SheaMoisture and Nubian Heritage. has been pursued by large consumer products companies like Unilever for several years. Several factors made this deal with Unilever especially attractive.
Photo courtesy of SheaMoisture Facebook