Consumer goods giant Unilever has offloaded its £700 million a year turnover Elida Beauty personal care division for an undisclosed sum.
The business, which includes more than 20 brands such as Timotei shampoo. Q-Tips cotton buds, and Caress body wash, is being snapped up by Boston based private equity firm Yellow Wood Partners, owner of the Dr Scholl's footcare brand.
It is the latest in a number of disposals by Unilever in a cost cutting drive.
Fabian Garcia, President of Unilever Personal Care, said: “This marks another step towards the optimisation of our Personal Care portfolio.
"Our priority is to step up the growth of our Power Brands by investing behind key strategic focus areas such as driving unmissable brand superiority and scaling multi-year innovations. Elida Beauty’s portfolio comprises iconic and classic beauty and personal care brands.
"I am sure under the new ownership they will continue to prosper and serve consumers across North America and Europe.” Tad Yanagi, Partner of Yellow Wood , said: “We are excited to work with the Elida Beauty team to lead these brands into their next phase of growth and expansion.Consumers around the world love these brands as they are an important part of their daily lives. We believe the brands will flourish in the Yellow Wood operating model where our teams will work to build and enhance growth and accessibility.” Jean-Laurent Ingles, CEO of Elida Beauty said: “Elida Beauty has an exciting future following the proposed acquisition by Yellow Wood Partners and I look forward to the next stage of our journey.”Completion is expected by mid-2024.
