L’Oréal USA has sold Carol’s Daughter, a pioneering brand in textured haircare, to new ownership. The deal is going to “an unnamed entrepreneur,” according to reports.

The brand will now begin a new chapter under the leadership of its founder and new president, Lisa Price, alongside an “independent beauty entrepreneur with a proven track record of acquiring and growing beauty brands including Ambi, AcneFree, Baxter of California and Dermablend,” said L’Oréal in a media statement.

“We are proud of Carol’s Daughter’s long legacy and the transformative impact it has had on the beauty industry,” said David Greenberg, CEO, L’Oréal USA. “At the heart of this legacy is Lisa Price, an entrepreneur who has always been ahead of her time and has built Carol’s Daughter into a beloved brand that has honored and celebrated women of color 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.”