Procter & Gamble has paid around $100 million in cash to acquire Native, a San Francisco-based maker of natural deodorants for men and women, Axios has learned.

Why it matters: P&G just ended a long proxy battle with activist investor Nelson Peltz, whose demands had included that the company launch products that would appeal to millennials. Even though P&G narrowly held Peltz off, it seems to have taken some of his arguments to heart.

ROI: Native only raised around $500,000 in venture capital funding, from firms like Azure Capital Partners.