An acquisition company backed by two local private equity firms said Tuesday it has acquired a Procter & Gamble Co unit in Woodland Hills that specializes in African American hair care products.

Johnson Products Co., acquired in 2003 by P & G;, was acquired by RCJP Acquisition Inc., which is backed by Rustic Canyon/Fontis Partners LP of Pasadena and St. Cloud Capital LLC of Westwood. Terms of the deal were not disclosed.

Johnson Products will remain in Woodland Hills and be run by a new husband-wife management team, Eric Brown and Renee Cottrell-Brown. Brown will serve as chief executive officer, while Cottrell-Brown will serve as executive vice president. The Browns are former executives of Pro-Line International Inc, an Alberto Culver Co subsidiary that makes African American hair care products.

The company has annualized sales of more than $23 million, according to RCJP. It was founded in 1954 by George Ellis Johnson, Sr. and originally had headquarters in Chicago. In 1971, the company became the first minority-run enterprise to be listed on the New York Stock Exchange.

The acquisition is the “next stage of growth for a legendary company that has been an iconic figure and model of success for African-Americans,” Brown said in a statement. “The new Johnson Products Company will provide us with a platform to bring product innovations and promotions to a unique multi-cultural consumer group and reintroduce the brands to a new generation.”

Kacy Rozelle and Marshall Geller of St. Cloud Capital, along with Daniel Villanueva and Gabrielle Greene of Rustic Canyon/Fontis Partners, will join Johnson Products’ board of directors.