THE WHAT? Unilever is set to acquire a majority stake in hair wellness brand Nutrafol.

THE DETAILS The personal care giant currently holds a minority stake of 13.2 percent in Nutrafol via Unilever Ventures. 

Nutrafol, backed by consumer-focused private equity firm L Catterton, will continue to be based in New York and led by CEO Giorgos Tsetis. 

Nutrafol will operate as part of Unilever’s Health & Wellbeing unit, which includes brands like OLLY, Liquid I.V. and Onnit. 

Terms of the deal were not disclosed and the acquisition is subject to regulatory approval and customary closing conditions.

THE WHY? Fernando Fernandez, President, 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.”