After scooping up Dollar Shave Club earlier this year, Unilever has set its sights on acquiring another beauty products company: Cambridge-based Living Proof, which was started by Polaris Partners co-founder Jon Flint and MIT professor Dr. Robert Langer in 2004.
The London-based consumer goods company announced its plans to acquire Living proof on Friday, saying that the premium haircare business will become a part of Unilever's "Prestige" portfolio, which includes brands like Kate Somerville and REN.
Terms of the deal were not disclosed.
“I am extremely proud of Living Proof’s growth over the years and the difference our products make to people’s lives. Unilever shares our deep commitment to science, quality and innovation, making them the ideal partner to take us to the next stage of our journey," Grace Ray, Living Proof's CEO, said in a statement. "I’m confident that together we will accelerate our mission to change people’s lives through products that deliver results you can see from across the room."
Living Proof had raised about $53 million from investors, according to Crunchbase. Backers include Boston-based Polaris Partners, Piper Jaffray and Leerink Partners. The startup's products use "patented technology and advanced scientific discoveries from MIT" for its portfolio of hair products.
“We are delighted to be adding Living Proof to our portfolio of Prestige brands. The Prestige Hair retail market is very attractive and offers significant potential for growth, "Alan Jope, president of Unilever's Personal Care unit, said in a statement. "Through compelling product result demonstrations and influencer driven marketing, Living Proof is already a successful business in this space and we look forward to further developing and growing this wonderful brand.”
The acquisition is expected to close in the first quarter of 2017, pending regulatory approvals.
