Key Takeaways
- • KKR is exploring a sale of Flora Food Group at a valuation of up to $10 billion, working with investment banks on the potential disposal, according to The Financial Times (30 April 2026).
- • Flora Food Group, acquired by KKR from Unilever in 2018 for approximately €6.8 billion ($7.9 billion), generated around €3 billion in revenues during 2025, though the business experienced an 8.7% revenue decline in 2024.
- • The portfolio includes major consumer brands: Flora spreads, I Can't Believe It's Not Butter, Country Crock, Blue Band, Becel, and Violife, serving the European, Middle Eastern, and African markets.
- • KKR previously pursued a sale to Abu Dhabi's sovereign wealth fund that fell through, indicating a recalibration in private equity exit strategies for the global spreads business.
- • Flora Food Group is simultaneously divesting Latin American assets, with Peruvian consumer goods company Alicorp acquiring operations across seven markets (Guatemala, Panama, Dominican Republic, Colombia, Ecuador, Peru, and Chile) in a separate transaction completed in March 2026.
Summary
Private equity firm KKR is actively exploring a sale of Flora Food Group, the spreads business it carved out of Unilever's portfolio in 2018. According to The Financial Times reporting on 30 April, KKR is working with investment banks on the potential disposal, with unnamed sources valuing the transaction at up to $10 billion. Both KKR and Amsterdam-headquartered Flora Food Group declined to comment on the speculation when approached by industry outlets.
KKR's original acquisition of Flora Food Group's plant-based branded assets across Europe, the Middle East, and Africa (EMEA) was completed in 2018 at a purchase price of approximately €6.8 billion ($7.9 billion in current terms). The business operates under several leading consumer brands including Flora spreads, I Can't Believe It's Not Butter, Country Crock, Blue Band, Becel, and Violife. According to Flora Food Group's disclosures, the company generated sales of around €3 billion in 2025. However, the business faced headwinds, with revenues declining 8.7% during 2024, underscoring the challenging environment in the global spreads market.
This sale exploration represents a renewed effort by KKR to exit the Flora investment. The firm was previously linked to a potential sale of Flora Food Group to Abu Dhabi's sovereign wealth fund, though that transaction ultimately fell through. The current disposition effort reflects broader recalibration in private equity exit strategies across the food and beverage sector.
Concurrent with the potential European disposal, Flora Food Group is simultaneously executing a strategic divestiture of its Latin American operations. In March 2026, Peruvian consumer goods company Alicorp announced it had signed an agreement to acquire Flora's operations across seven markets: Guatemala, Panama, the Dominican Republic, Colombia, Ecuador, Peru, and Chile. The Latin American transaction includes a manufacturing facility in Cali, Colombia, according to Simpson Thacher, Flora's adviser on that deal. Flora Food Group declined to comment on the Alicorp transaction.
KKR's original acquisition of Flora Food Group's plant-based branded assets across Europe, the Middle East, and Africa (EMEA) was completed in 2018 at a purchase price of approximately €6.8 billion ($7.9 billion in current terms). The business operates under several leading consumer brands including Flora spreads, I Can't Believe It's Not Butter, Country Crock, Blue Band, Becel, and Violife. According to Flora Food Group's disclosures, the company generated sales of around €3 billion in 2025. However, the business faced headwinds, with revenues declining 8.7% during 2024, underscoring the challenging environment in the global spreads market.
This sale exploration represents a renewed effort by KKR to exit the Flora investment. The firm was previously linked to a potential sale of Flora Food Group to Abu Dhabi's sovereign wealth fund, though that transaction ultimately fell through. The current disposition effort reflects broader recalibration in private equity exit strategies across the food and beverage sector.
Concurrent with the potential European disposal, Flora Food Group is simultaneously executing a strategic divestiture of its Latin American operations. In March 2026, Peruvian consumer goods company Alicorp announced it had signed an agreement to acquire Flora's operations across seven markets: Guatemala, Panama, the Dominican Republic, Colombia, Ecuador, Peru, and Chile. The Latin American transaction includes a manufacturing facility in Cali, Colombia, according to Simpson Thacher, Flora's adviser on that deal. Flora Food Group declined to comment on the Alicorp transaction.
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