Unilever has announced that it has signed an agreement to acquire a majority stake in hair wellness product producer Nutrafol.
Unilever currently holds a 13.2% stake in Nutrafol, through its Unilever Ventures arm.
Commenting, Roland Peralta, co-founder and chief innovation and product officer of Nutrafol said, “When we founded Nutrafol in 2016 it was inspired by our own experiences with thinning hair and the inability to find a natural, yet efficacious way to take control of our hair health.
"Nutrafol couldn’t be just another untested alternative to hair drugs and vitamins. Now we are proud to offer a suite of best-in-class, clinically backed products that help customers easily navigate and take control of their individualised hair needs.”
More than 114 million U.S. consumers experience hair health issues, according to the company.
Unilever said that ‘unlike traditional products’, Nutrafol takes ‘an individualised whole-body approach that takes advantage of its patented solution, Synergen Complex’.
'Holistic Approach To Hair Health'
Elsewhere, Fernando Fernandez, president of beauty and wellbeing for Unilever said, “I am delighted to welcome Nutrafol to the Unilever family. Nutrafol and its holistic approach to hair health is the perfect complement to our growing portfolio of innovative wellness and supplements brands.
"I am confident that with the full support of Unilever behind Nutrafol, Giorgos and the team will continue to take this fast-growing business to even greater heights.”
Nutrafol is backed by private equity firm L Catterton and led by co-founder and CEO Giorgos Tsetis.
Tsetis commented, “Joining forces with a leading global organisation like Unilever, and all the resources and scale that comes with that, is the natural evolution in our mission to help people grow into their best selves through wholebody health.
"I am so thankful to the Nutrafol team for all we have accomplished together. The Unilever family will be a great home for us as we continue to move the industry forward with new innovations to support the needs of consumers at every point of their hair health journey.”