AMITYVILLE, N.Y. — Sundial Brands, the maker of natural beauty care brands SheaMoisture and Nubian Heritage, has sold a minority interest in the company to global investment firm Bain Capital Private Equity.
Sundial said Wednesday that the strategic partnership with Bain Capital will help accelerate the company’s growth. Financial terms of the agreement weren’t disclosed.
Richelieu Dennis, founder and chief executive officer of Sundial, will retain his leadership role at the company, which said it will remain majority family owned and operated, including its board of directors, management and day-to-day operations.
Deval Patrick, a managing director at Bain Capital and the former governor of Massachusetts, played an active role in the partnership discussions and will join Sundial’s board, the company said.
“While we have been presented several opportunities to be acquired by multinational corporations, we are most excited that our collaboration with Bain Capital fulfills our commitment to remain an independent, family-owned and -operated company with a purpose-driven business model that puts community at our core,” Dennis said in a statement. “We are moving forward to build Sundial into a global family-owned and -operated consumer brand of which they can be even more proud,” he added.
The SheaMoisture line includes skin care (face and body), hair care and bath products for women and men, as well as offerings for babies and mothers. The Nubian Heritage collection includes soap, body wash, body lotion, hand cream and deodorant products.
“We are excited to welcome Bain Capital as a valuable partner who shares our commitment to our communities globally and understands how our brand of social entrepreneurism can be enhanced to achieve our vision for growth and impact,” Dennis commented. “Sundial is now in the strongest position to continue to lead this beauty revolution, alongside all of our consumers, so that no one gets left behind.”
Sundial noted that the partnership will drive its social entrepreneurship model; help fuel its multi-brand portfolio strategy, including investments in community-minded entrepreneurs and brands; and advance its “New General Market” approach, in which the company recognizes not just the diverse ethnic and cultural groups in today’s consumer market but also their common needs and lifestyles.
“Richelieu and his family have built an amazing business and community centered on the idea of the New General Market, an idea that is very well-aligned with where we as consumers and as a country are headed,” stated Ryan Cotton, a managing director at Bain Capital. “We could not be more excited to partner with Sundial Brands to continue to enhance this differentiated approach to innovation, social entrepreneurship and community engagement.”
Some of Bain Capital Private Equity’s other consumer and retail investments have included TOMS, Canada Goose and Bright Horizons Family Solutions.