Unilever (Photo : Unilever logo.)

Unilever has agreed to sell Elida Beauty to Yellow Wood Partners.

On Monday, the Boston-based private equity firm announced a binding offer to acquire Elida Beauty, whose portfolio boasts more than 20 beauty and personal care brands, including Q-Tips, Caress, Tigi,  Alberto Balsam, Timotei, VO5, and Impulse. Last year, this part of Unilever made about €0.8 billion ($870 million) in sales, according to the company.

Unilever Personal Care president Fabian Garcia said in a press release that the company wants to focus more on its main brands' growth.

He also said that he believes the Elida Beauty brands will keep thriving under new ownership.

Garcia stated, “Elida Beauty’s portfolio comprises iconic and classic beauty and personal care brands. I am sure under the new ownership they will continue to prosper and serve consumers across North America and Europe.”

Yellow Wood Partners, whose portfolio includes Suave and footcare brand Dr. Scholl's and Scholl International, said it is excited about the deal and plans to help the brands grow even more.

The firm added that the brands are important to people worldwide, and it wants to make them more accessible.

“We are excited to work with the Elida Beauty team to lead these brands into their next phase of growth and expansion. Consumers around the world love these brands as they are an important part of their daily lives,” Yellow Wood partner Tad Yanagi said.

Elida Beauty CEO Jean-Laurent Ingles said that he is also optimistic about the change and looks forward to what's coming next.

The deal is not yet done. It has to go through some standard steps and get approvals. But it is expected to be completed around mid-2024.

The financial terms of the acquisition were not released.