Richelieu Dennis' Sundial Brands to be Acquire by Unilever

Richelieu Dennis

Richelieu Dennis' Sundial Brands is being acquired by Unilever, a British-Dutch transnational consumer goods company co-headquartered in Rotterdam, Netherlands and London, United Kingdom. Its products include Dove soap and Ben & Jerry’s ice cream

Sundial, founded in 1991 by Liberian immigrants, Richelieu Dennis, Mary Dennis and Nyema Tubman, makes brands such as SheaMoisture, Nubian Heritage, Madam C.J. Walker and Nyakio. 

Sundial Brands will operate as a standalone unit within Unilever. Sundial’s founder, Richelieu Dennis, will continue to lead the business as CEO and Executive Chairman.

“I’ve always wanted Sundial Brands to be an inspiration to other minority-owned companies of how a business against all odds can achieve excellence, have significant social impact in our communities and be successful on a world stage,” said Richelieu Dennis, founder and CEO, Sundial Brands. “I am excited Sundial and Unilever have created this partnership, rooted in a purpose-driven ethos, that represents an incredible opportunity to take our Community Commerce economic empowerment and impact model to another level.” Dennis added: “I’ve enjoyed a long-standing relationship with Esi and look forward to working with her to continue to change the game in beauty, personal care and community building.”

As part of the agreement, Unilever and Sundial are creating the New Voices Fund with an unprecedented initial investment of US$50 million to empower women of color entrepreneurs. The intention is to scale the Fund to US$100 million by attracting investments from other interested parties.

In 2015, Sundial was named to the Inc. 5000 list of the fastest-growing private companies in the United States and received the WWD/Beauty Inc. award for "Corporate Social Responsibility Company of the Year." Widely credited with introducing the "New General Market" inclusion concept to the beauty and retail industries.

Sundial’s 2017 turnover is expected to be approximately US$240 million. 

Terms of the transaction were not disclosed. Subject to regulatory approval, the transaction is expected to close in quarter one 2018.

One small step in overcoming 500 years of "The HUMILIATION of Black People." We must never forget!

Latest Articles

Jay-Z and NBA player Andre Iguodala, was among group of investors who worked with Blackstone Group Inc. in purchasing Certified Collectibles Group, a…

Tekedra Mawakana will take the helm at Waymo as co-CEO, as current CEO John Krafcik is stepping down after five and a half years leading the company.…

Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced the appointment of Rosalind (Roz) Brewer as the company’s Chief Executive Officer,…

Credit Suisse CEO Tidjane Thiam on Thursday resigned in the wake of a spying scandal at the bank.

Iqbal Khan, formerly head of Credit Suisse’s wealth…

David Drummond, one of the highest ranking black executives in tech, is stepping down as chief legal officer of Google's parent company Alphabet. Mr.…

Recently Added Profiles

Occupation: Businesswoman; Position: Chief Planning Officer; Company: Metrolinx; Industry: Transportation; Residence: Canada; Nationality:…

Occupation: Businesswoman; Position: CEO and Co-Founder; Company: Praxis Labs; Industry: Education; Residence: United States; Nationality:…

Born: July 22, 1973, Rochester, New York; Occupation: Businesswoman; Position: President, CEO; Company: Teachers Insurance and Annuity…

Born: June 8, 1977, Atlanta, Georgia; Occupation: Rapper, Music Producer, Fashion Designer, Businessman; Position: Founder; Company: Yeezy; …

Born: c. 1962, USA; Occupation: Businessperson; Position: Co-Founder and President; Company: WinsCo Enterprises Inc.; Industry: Business…