Unilever completes sale of North American laundry business to Vestar Capital Partners
Unilever today announced that it has completed the sale of its North American laundry business in US, Canada and Puerto Rico to Vestar Capital Partners (Vestar).
Vestar, a leading global private equity firm, will merge the business with its existing operation, Huish Detergents Inc., to form a new company, The Sun Products Corporation (Sun Products).
Unilever has received an aggregate consideration of approximately $1.45 billion, consisting of approximately $1.075 billion in cash, preferred shares in Sun Products with a face value of $375 million, and warrants offering the opportunity to acquire up to 2.5% of the common equity of Sun Products.
The sale is part of Unilever’s previously announced plans to dispose of non-strategic brands with collectively more than €2 billion in turnover.
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