Procter & Gamble Co. has acquired Walker & Co. Brands as the consumer-products giant looks to serve more African-Americans with health and beauty products.
Palo Alto, Calif.-based Walker sells grooming products for men under the brand Bevel and hair-care products for women under the Form Beauty brand.
Walker will operate as a separate and wholly owned subsidiary of P&G, continuing to be led by its founder and Chief Executive Tristan Walker, the companies said Wednesday. The deal price wasn’t disclosed.
P&G has set a goal to better serve African-Americans with curly or natural hair. For instance, the Cincinnati-based company last year launched its Pantene’s Gold Series. P&G’s Head & Shoulders also launched its Royal Oils line earlier this year.
The deal should also help accelerate growth for Walker’s existing brands and fuel the development of additional products designed for the specific needs of African-Americans, according to the companies.
Having access to P&G’s technology, capabilities and expertise will help Walker scale globally and bring new products to African-Americans, Mr. Walker said in prepared remarks.
Mr. Walker founded Walker & Co. in 2013.
Shares of P&G, up 4.7% in the past 12 months, closed up 0.1% to $94.03 Wednesday. P&G’s other beauty brands include Gillette, Old Spice, Herbal Essences and Olay.
The deal is one of the latest black-owned health and beauty companies bought by a conglomerate.
Last year, Anglo-Dutch consumer products firm Unilever PLC acquired Sundial Brands, a New York-based hair-care and skin-care products company predominantly targeting African-Americans, for an undisclosed sum. Sundial’s brands include SheaMoisture, Nubian Heritage, Madam C.J. Walker and nyakio.
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