Unilever is heating up the M&A landscape, but its plan to acquire Seventh Generation Inc. may have cooled its interest in Honest Co.

Both Seventh Generation and Jessica Alba’s Honest have attracted legions of ingredient-and-eco-minded customers and won their loyalty with a broad assortment of everyday products, ranging from baby care to household cleaners.

Last week reports swirled that Unilever was in talks to acquire Honest for an estimated $1 billion. Less than five days later on Sept. 19, Unilever said it signed an agreement to buy the Vermont-based Seventh Generation for a reported $700 million, eyeing its “high-quality products with a purpose.”

One financial observer said, “Seventh Generation does throw a wrench it,” referring to a potential deal between Unilever and Honest.

Bernstein analyst Ali Dibadj said, “Unilever probably has the capacity to do more [deals]. Clearly it is setting itself up for the consumer of the future.” He noted while there is overlap between Seventh Generation and Honest, they play in fast-growing categories. Honest has come under scrutiny for the safety of several of its formulas. Ali said, “[The press] does put a dent in Honest Co. — but consumers can typically forget over time.”

Seventh Generation’s portfolio — which is heavy on paper products — exceeded $200 million in sales last year, and has yielded double-digit-compounded annual growth over the last decade, according to Unilever. It also has a small footprint in beauty with items such as a Clearing Skin Serum, Facial Cloth and Moisturizing Lotion, a potential growth opportunity for Unilever.

Seventh Generation Chief Executive Officer, John Replogle, stated, “For 28 years, Seventh Generation has been creating products that are not only effective, but also designed with environmental and human health in mind while demonstrating that business can have a greater purpose, serving not just profit but people and the planet as well… We’re proud to join Unilever and its shared vision for purpose-led business on a global scale.”

John is no stranger to Unilever’s mission, having managed the company’s skin care division from 2003 to 2006. He’s also led a purpose-driven company through acquisition. John left Unilever to become President and CEO of Burt’s Bees, which was acquired by Clorox in 2008, when he was at the helm.

Honest, for its part, still offers the direct-to-consumer piece. The young company is skilled at graduating its customers to auto-replenishment, leading one observer to speculate that e-commerce giant Amazon could be a good fit as a buyer.

Andrew Shore, a Managing Director at Moelis & Co., said the direct-to-consumer channel is intriguing to potential buyers, but noted that many companies in that space are now considering entering brick and mortar for future growth.

Honest, which has hired Morgan Stanley and Goldman Sachs as financial advisers, is also said to be considering an initial public offering, a potential outcome that several financial insiders deemed unlikely.