Unilever to sell Welly bandage brand to Forward Consumer Partners (updated)
UPDATE 1-Unilever to sell Welly bandage brand to Forward Consumer Partners Adds Forward Consumer Partners' announcement in paragraphs 4 and 6
Oct 19 (Reuters) - Unilever ULVR.L said on Monday it has agreed to sell Welly Health PBC to private-equity firm Forward Consumer Partners, but did not disclose financial terms of the sale.
The consumer products giant had acquired a majority stake in the US brand, known for its colorful adhesive bandages, in 2021 from Welly co-founder Eric Ryan for an undisclosed price.
The deal, first reported by the Wall Street Journal, is expected to close in the fourth quarter, subject to customary closing conditions
Separately, Forward Consumer Partners announced that Ryan will return to the business as a strategic advisor and a member of the board
Unilever, the maker of Knorr stock cubes and Hellmann's mayonnaise, has been shifting towards beauty and well-being brands under CEO Fernando Fernandez
Forward said the acquisition of Welly would mark its first investment in the consumer health sector
(Reporting by Ankita Bora in Bengaluru and Abigail Summerville in New York; Editing by Joyjeet Das)
((Ankita.Bora@thomsonreuters.com))
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