Unilever to sell three hair care brands to Strength of Nature
20 Nov 2013
Anglo-Dutch consumer products giant Unilever Plc yesterday agreed to sell three hair care brands, Soft & Beautiful, TCB and Pro-Line Comb-Thru, to haircare company Strength of Nature, for an undisclosed sum.
The transaction, which is expected to close in early December, excludes TCB's business in Africa.
The sale comes three months after the London and Rotterdam-based company agreed to sell its Wish-Bone salad dressings business to US packaged foods company Pinnacle Food for $580 million.
Kees Kruythoff, president of Unilever North America, said, "Soft & Beautiful, TCB and Pro-Line Comb-Thru are each terrific brands with a long legacy in the ethnic hair care category. These brands are part of one of the fastest growing categories in the personal care sector and we believe their potential can now be more fully realised with Strength of Nature."
"We are extremely pleased to add these great brands to our expanding portfolio. Soft & Beautiful, Soft & Beautiful Botanicals, TCB and Pro-Line Comb-Thru are brands with strong consumer following, high awareness and a long tradition of serving their consumers," said, Mario de la Guardia, CEO of Strength of Nature.
In June 2012, Unilever said it would restructure its business by selling some of its brands and businesses that is not core to its portfolio.
It later sold its PF Chang's and Bertolli frozen meals businesses to ConAgra Foods for $265 million and its global Skippy peanut butter brand in the US and Canada to Hormel Foods earlier this year for $700 million.
Georgia-based Strength of Nature is one of the fastest growing companies in the multi-cultural hair care category, and has a number of leading brands including Profectiv MegaGrowth, African Pride, Dream Kids, Beautiful Textures and Elasta QP.
