Unilever sells Suave North America to Yellow Wood Partners
Unilever announced on Tuesday the sale of its beauty and personal care brand Suave in North America to Yellow Wood Partners LLC. Financial terms of the agreement were not disclosed.
As part of the agreement, anticipated to be completed in the second quarter of 2023, the brand will continue to be owned and operated by Unilever outside of the U.S. and Canada.
Suave products span hair care, skin care, skin cleansing and deodorant products, for women, men and kids, available in mass retailers and through e-commerce platforms. The brand is credited for being one of the first in the 1930s to bring salon-quality hair care to the general public.
“This is another step on our path to shift our portfolio towards strategic growth spaces. Suave has been a much-loved brand since the 1930s, and I am confident it will continue to thrive and serve consumers under its new ownership in North America," said Esi Eggleston Bracey, president of Unilever USA and CEO of Unilever personal care North America.
Yellow Wood Partners is a Boston-based private equity firm focused on investing in consumer brands and companies. In particular, its portfolio includes global footcare brand Dr. Scholl's and Scholl International; beauty brands Real Techniques and EcoTools; self-tanning brands Isle of Paradise, Tanologist and TanLuxe; and skincare brands Freeman Beauty and the recently launched Byoma, among others.
Dana Schmaltz, partner of Yellow Wood Partners, added, “Suave is ubiquitously recognized for its long history of providing accessible high-quality beauty products to American consumers and we are excited to add it to our portfolio of investments. We especially want to thank Unilever for its collaboration as we move forward to completing this carveout.”
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