Unilever has agreed to acquire Seventh Generation, a Vermont-based maker of “green” household products like laundry detergent and diapers.
No financial terms are being disclosed, but a source familiar with the deal says that Unilever is paying between $600 million and $700 million in cash.
The deal comes just days after reports that Unilever (UL) was in talks to acquire Seventh Generation rival The Honest Co., which was founded by actress Jessica Alba. It is unclear if the new deal means the Honest Co. talks are over, or if Unilever is effectively seeking to corner the “green” household goods market. Honest Co. has been working with Goldman Sachs (UL) on its sale process, with price-talk reportedly in the $1 billion range.
One big difference between Seventh Generation and Honest Co. is that the former sellers primarily through retailers, while Honest Co. is mostly a direct-to-consumer company (kind of like Dollar Shave Club, which Unilever recently bought for $1 billion).
Seventh Generation has been led by 2011 by CEO John Replogle, a former Unilever exec who also served as CEO of Burt’s Bees. In an interview with Fortune earlier this year, Replogle had said that his company ― which was founded in 1985 ― intended to stay private.
In a press release announcing the transaction, Unilever said that Seventh Generation brought in more than $200 million in revenue last year. Seventh Generation shareholders include Catamount Ventures, Generation Investment Management (a firm founded by Al Gore) and Schooner Capital.