(Reuters) -Consumer goods giant Unilever (LON:ULVR) on Monday said it would sell Elida Beauty, its non-core beauty and personal care division, to U.S. private equity firm Yellow (OTC:YELLQ) Wood Partners.
The financial terms of the deal, expected to be completed in mid-2024, were not disclosed.
Elida's portfolio comprises of more than 20 beauty and personal care brands including Q-Tips, Brut, Caress, Timotei and Tigi and the business generated about 800 million pounds ($1.02 billion) in revenues in 2022.
Unilever first attempted to divest Elida in 2021 but pulled the process later that year, after cherry-picking of the brands for sale by other consumer companies led to offers that did not meet its valuation expectations.
The company, which also makes Dove soap and Ben & Jerry's ice cream, revived the sale process in September.
Yellow Wood emerged as the winner in an auction for the business and was negotiating final aspects of the deal, Reuters reported last week.
The consumer goods industry has struggled with soaring costs for about two years, as items from sunflower oil and grains to packaging and shipping have become more expensive.
Hein Schumacher, who took the reins as Unilever CEO in July, said two months ago the company would now focus on 30 key brands which account for 70% of its sales.
The Elida Beauty sale would be the second time in a year that Yellow Wood buys non-core brands from Unilever. In May, Yellow Wood acquired Unilever's personal care brand Suave.
($1 = 0.7878 pounds)