Unilever sells haircare brands

Hair care brands Finesse and Aqua Net were today added to the portfolio of beauty products owned by the fifth-richest Asian family in the UK.

Lornamead, which is run by the Jatania family, bought the brands from consumer products giant Unilever in a deal that marks its first major acquisition in North America.

Finesse, which was launched in 1982 as the first brand to offer oil-free conditioner, and Aqua Net generated more than $85m (€67.3m) in 2005.

Financial terms of the deal were not released but the brands join a stable that includes Harmony hairspray and Yardley, which dates back to 1770 and was acquired by Lornamead from US giant Procter & Gamble (P&G) in October.

Lornamead also has a licensing agreement with P&G and Wella to sell and distribute haircare brands including Herbal Essences and Silvikrin in Ireland.

The four brothers that head the Jatania family were ranked 62nd on The Sunday Times rich list this year and fifth among the wealthiest British Asians. Both lists are headed by steel magnate Lakshmi Mittal.