NEW YORK - Procter & Gamble Co said on Tuesday that it has sold its Johnson Products Co unit, which specializes hair care products for African-Americans, to RCJP Acquisition Inc.
Terms of the deal were not disclosed.
P&G said Johnson Products has annualized sales of more than $23 million. It acquired Johnson Products in 2003, with its acquisition of Wella AG.
P&G said RCJP is a newly formed independent entity that includes private equity firms Rustic Canyon/Fontis Partners LP, and St. Cloud Capital LLC.
Johnson Products Co's new management team will be headed by Eric Brown and Renee Cottrell-Brown, a husband and wife team who are former executives at Pro-Line International Inc, a subsidiary of Alberto Culver Co (ACV.N) that makes African American hair care products.
Brown will serve as chief executive officer, while Cottrell-Brown will serve as executive vice president.
Both Brown and Cottrell-Brown left Alberto-Culver more than a year ago, a spokeswoman said. (Reporting by Nicole Maestri; Editing by Gary Hill)