Rinse and repeat: Unilever adds hair company to CPG portfolio
December 19, 2016
In its third acquisition of a VC-backed company this year, Unilever (NYSE: UN) has agreed to buy haircare brand Living Proof. Founded in 2004, the Cambridge-based beauty company develops products designed to promote healthier hair through patented technology born out of an MIT lab. Living Proof has attracted roughly $70 million in VC funding from investors including Polaris Partners and Jennifer Aniston and was valued at $166 million in 2013.
The acquisition is not a surprising one for Unilever, given that the consumer goods company has already made a few high-profile purchases this year. Unilever acquired subscription razor company Dollar Shave Club for $1 billion in July, making early investors like Felicis Ventures and Forerunner Ventures very happy. A few months later, Unilever bought Seventh Generation, the maker of plant-based household cleaners, for an estimated $700 million. That acquisition was also a major exit for VC investors, which included Catamount Ventures and Schooner Capital.