In December of 2013, Silicon Valley entrepreneur Tristan Walker launched Walker & Company Brands, a health and beauty company for people of color. Now, just five years later, consumer products giant Procter & Gamble has acquired Walker's company to "better serve consumers of color around the world."
While the amount of the deal has not yet been disclosed, Fast Company reports, "Within the first half of 2019, Walker and his current team of 15 employees will relocate to Atlanta—not Cincinnati, the home of P&G headquarters—and will continue working on its brands, Bevel and Form, as a wholly owned subsidiary with Walker at the reins as CEO. He’ll report directly to Alex Keith, president of P&G’s global haircare and beauty business."
The deal also indicates a successful departure between Walker and his investors, as well as Procter & Gamble making a move to expand its markets to communities of color.
"When I started Walker & Company Brands, I set out to build a company that would meet the health and beauty needs of people of color on a global scale," Walker said in the announcement. “Having access to P&G’s outstanding technology, capabilities and expertise helps us to further realize that vision, giving us the power to scale and bring new products to people of color, while staying true to our mission and continuing to nurture the loyal community we’ve worked hard to build."
We’re joining forces with @tristanwalker and @walkercobrands to better serve consumers of color around the world. Learn more about @bevel and @formbeauty , which are joining the P&G family of brands. https://t.co/jwAdyC905W pic.twitter.com/yYV9YXpmu0— P&G (@ProcterGamble) December 12, 2018
“We have tremendous respect for the work Tristan Walker has accomplished and we are excited to welcome Walker & Company to the P&G family,” said P&G Beauty CEO Alex Keith in a statement. "The combination of Walker & Company’s deep consumer understanding, authentic connection to its community and unique, highly customized products and P&G’s highly-skilled and experienced people, resources, technical capabilities and global scale will allow us to further improve the lives of the world’s multicultural consumers."
Walker added: "When I think about my consumers, they are in the southeast, they are in Atlanta. When I consider things like how my son is raised, I want him to be around a supporting network of aspiring, forward-looking Black folks.”
He continued: “While I am thankful for what Silicon Valley has afforded me, this is the right move for the company, and on behalf of the people that we serve. This is not about me."
Congratulations, Tristan on your new business venture! We wish you all the best.