MADRID, 18 Dic. (EUROPA PRESS) -

Consumer products giant Unilever confirmed on Monday that it has received a binding offer from Yellow Wood Partners to acquire Elida Beauty, which comprises more than 20 beauty and personal care brands including 'Q-Tips', 'Caress', ' Timotei' and 'Tigi'.

The binding offer, the financial terms of which have not been disclosed, is subject to customary closing conditions, regulatory requirements and consultation processes. It is expected to be completed by mid-2024.

Elida Beauty's business reached a turnover of around 800 million euros in fiscal year 2022.

"This marks another step towards optimizing our personal care portfolio. Our priority is to accelerate the growth of our Power Brands by investing in key strategic focus areas," stated Fabián García, president of Unilever Personal Care.

"We are excited to work with the Elida Beauty team to take these brands into their next phase of growth and expansion," said Tad Yanagi, Partner at Yellow Wood Partners.