Founders of personal care and cleaning products startups may want to polish up their pitches.
Unilever--the global consumer products giant, based in the U.S. out of Englewood Cliffs, New Jersey--announced Monday it will purchase eco-friendly household product company Seventh Generation, in what seems to be part of an effort to appeal to a broader, more environmentally conscious customer base.
The Burlington, Vermont-based company joins Ben & Jerry's and Dove as part of Unilever's campaign to offer "purpose-driven brands," Kees Kruythoff, president of Unilever North America, said in the press release announcing the deal.
The company is also keen on strong brand names. After its $1 billion-dollar acquisition of Dollar Shave Club in July, Unilever seems to be seeking popular, fast-growing brands to add to its portfolio, which includes classic names like Suave, Ponds, Vaseline, and Hellmann's. The company is reportedly also weighing a purchase of a Seventh Generation rival, the Honest Co. The company founded by Jessica Alba is reportedly in talks to sell itself to Unilever.
Seventh Generation earned more than $200 million in revenue last year, according to the press release announcing the deal. Though terms were not disclosed, Fortune cited "a source familiar with the deal" saying Unilever would pay between $600 million and $700 million. Unilever declined Inc.'s request for a comment.