British consumer goods giant Unilever PLC (LSE:ULVR) has finalized the sale of its non-core beauty and personal care unit, Elida Beauty, to US private equity firm Yellow Wood Partners.
The deal, anticipated to conclude by mid-2024, encompasses iconic brands like Q-Tips, Brut, Caress, Timotei, and Tigi, contributing around $1.02 billion in revenues for 2022.
The move aligns with Unilever's broader strategy under new CEO Hein Schumacher. The new CEO told shareholders that Unilever will zero its focus on 30 of its key brands, which comprise nearly 70% of it sales.
Yellow Wood Partners, known for its consumer brand portfolio, previously acquired Unilever's personal care brand Suave in May.
In addition to Suave, Yellow Wood’s consumer brand portfolio includes Dr. Scholl’s and Scholl International (acquired from Reckitt). The portfolio extends to EcoTools, Isle of Paradise, Tanologist, and TanLuxe tanning brands, as well as Byoma and Freeman Beauty.
Additionally, Yellow Wood owns Beacon Wellness Brands, the proprietor of PlusOne, a brand specializing in sexual wellness devices.
The financial terms of this multi-billion-dollar transaction remain undisclosed.