LONDON and ROTTERDAM, Netherlands — Unilever plans to sell rights to the Alberto VO5 and Rave hair care brands to private equity firm Brynwood Partners VI L.P.
The consumer products giant said Wednesday that the divestiture is required by the U.S. Department of Justice in the wake of its $3.7 billion acquisition of the Alberto Culver Co., which was completed in May.
Under the deal, financial terms of which weren’t disclosed, Unilever will sell rights to the Alberto VO5 brand in the United States and Puerto Rico and to the Rave brand globally. The company said the agreement is slated to close by the end of this month, pending approval by the Justice Department.
The Alberto VO5 brand in the United States and Puerto Rico includes shampoo, hair conditioner and hair styling products, while Rave includes aerosol and non-aerosol hair spray.
Unilever noted that outside the United States and Puerto Rico, the Alberto VO5 brand will remain in its portfolio.
The Alberto Culver acquisition brought Unilever such brands as TRESemmé, Nexxus, Motions, St. Ives and Simple, which complement its roster of brands such as Dove, Clear, Suave, TIGI and Sunsilk in hair care and Pond’s and Vaseline in skin.
