Consumer health company Haleon says it has agreed to sell its lip balm brand ChapStick to Suave Brands for $510 million, reports Bloomberg.

Suave Brands is owned by Boston-based private equity firm Yellow Wood.

According to Reuters, Haleon Chief Executive Brian McNamara said that while ChapStick was a great brand beloved by consumers, the lip care brand was not a core focus for the company.

“Selling the brand allows us to simplify our business and pay down debt more quickly,” he said this week.

According to a press release from Haleon, the sale is expected to close during the first quarter of 2024.

Haleon owns several healthcare brands including Advil, Sensodyne, and Theraflu.

The Yellow Wood equity firm team established the Suave Brands Company in 2023 to acquire the Suave brand from Unilever.