Unilever-Backed Supplement Firm Nutrafol Said to Explore Sale

Nutrafol, a maker of hair supplements, is exploring a sale and could fetch up to $1 billion, according to people familiar with the matter.

The company is working with a financial adviser, said the people, who asked to not be identified because the matter isn’t public. The company’s parent, Nutraceutical Wellness Inc., which is backed by L Catterton and Unilever Plc’s venture arm, is projected to deliver $175 million in revenue in 2021, one of the people said.

A representative for Nutrafol declined to comment.

Launched in 2016 and led by co-founder and Chief Executive Officer Giorgos Tsetis, ...