Unilever announced Monday that they are acquiring Sundial Brands, maker of brands including Madam C.J. Walker, Nubian Heritage, SheaMoisture and nyakio.

Unilever's recent efforts are addressing the underserved needs of multicultural and millennial consumers, target groups that spend billions on hair and beauty products every year but have largely been ignored in the mainstream beauty sector for too long.

As part of the agreement announced Monday, Unilever and Sundial are creating the New Voices Fund, which will have an initial investment of $50 million to empower women of color entrepreneurs. They hope to scale that fun to upwards of $100 million through interested parties' investments.

After the acquisition, Sundial Brands will still operate as a standalone unit. Richelieu Dennis will continue in his role as CEO and Executive Chairman.

Details of the transaction were not disclosed, but Sundial's 2017 turnover is expected to be around $240 million.

"I've always wanted Sundial Brands to be an inspiration to other minority-owned companies of how a business against all odds can achieve excellence, have significant social impact in our communities and be successful on a world stage," says Dennis, "I am excited Sundial and Unilever have created this partnership, rooted in a purpose-driven ethos, that represents an incredible opportunity to take our Community Commerce economic empowerment and impact model to another level."

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