LONDON (Reuters) - Anglo-Dutch consumer goods giant Unilever (L:ULVR) (AS:UNc) is to buy U.S.-based company Sundial Brands, a maker of hair and skincare products, expanding deeper into the fast-growing personal care products market.
The maker of Dove soap and Axe body spray announced the deal on Monday, without disclosing financial terms.
Sundial, a 26-year-old company based in New York, is home to brands including SheaMoisture, Nubian Heritage and Madam C.J. Walker. It is expected to have turnover of $240 million this year.
Sundial will operate as a standalone unit within Unilever and its founder, Richelieu Dennis, who hails from Liberia, will stay on to run it.
Buying Sundial accelerates Unilever's push deeper into personal care products, which tend to grow faster and be more international than its food business.
The deal is part of a bigger buying spree by Unilever, which earlier this year rebuffed a $143 billion takeover offer from Kraft-Heinz (O:KHC), that has included Pukka Herbs and Tazo tea, Carver Korea beauty products and Mae Terra food.
(Corrects third paragraph to read "New York" instead of "New Jersey")