L’Oréal has sold the hair care brand it acquired in 2014, Carol’s Daughter, to a beauty entrepreneur, the company announced on Monday.

In a statement, L’Oréal did not name the entrepreneur, but said the individual has a “proven track record” of acquiring and growing beauty brands.

Carol’s Daughter was founded by Lisa Price in her kitchen in Brooklyn, N.Y. in 1993, with a focus on products that care for Afro and textured hair. At the time of its acquisition, the brand had net sales of $27 million, and had attracted investment from the music mogul Jay-Z and the actors Jada Pinkett Smith and Will Smith.

“We are proud of Carol’s Daughter’s long legacy and the transformative impact it has had on the beauty industry,” said David Greenberg, L’Oréal USA’s chief executive in the statement. He hailed Price as “an entrepreneur who has always been ahead of her time” for building a brand that celebrated women of colour for decades.”

“We are confident that, with Lisa Price as President and the support of its new partner, Carol’s Daughter will continue to thrive for years to come,” he said.

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