Procter & Gamble is diversifying its beauty offering with the acquisition of Walker & Company Brands.

The personal care and household company is adding the beauty brand -- whose products are focused on people of color -- to its extensive portfolio, it has announced. Walker & Company Brands, which will operate as a separate and wholly-owned subsidiary of P&G, includes the specialized haircare ranges Bevel and FORM Beauty.

"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," said Tristan Walker, CEO of Walker & Company Brands. "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."

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Meanwhile, CEO of P&G Beauty Alex Keith lauded Walker & Company's "deep consumer understanding, authentic connection to its community and unique, highly customized products."

Since being founded just five years ago in 2013, Walker & Company Brands has developed a reputation for high-performing brands and products designed specifically with people of color in mind. The brand is the latest high-profile acquisition for P&G, which also snapped up the cult skincare brand First Aid Beauty earlier this year. Its beauty portfolio also includes Olay, Herbal Essences and SK-II.