Some of the biggest names in the spreads aisle – from Flora and Becel to I Can’t Believe It’s Not Butter – could soon be changing hands, with reports suggesting KKR is exploring a sale of its Flora Food Group business.
According to the Financial Times, the US private equity firm is in talks with investment banks about offloading the portfolio. Beyond spreads, the portfolio also includes plant‑based cheese brand Violife, plant‑based cream brand Elmlea, and olive oil label Bertolli.
As for what the “right price” looks like, reports indicate KKR is seeking a valuation of up to $10bn (€8.5bn) – a step up from the €6.8bn it paid when it acquired the business from Unilever in 2018.
KKR declined to comment, but if moves to sell are confirmed, it could be interpreted as an attempt to exit an underperforming asset. The business’ most recent results show revenues fell 8.7% in the year to 31 December 2024, weighed down by higher promotional activity, lower pricing and declining volumes.
Much has changed since KKR acquired the asset from Unilever. Back in 2018, plant-based was thriving – and on the up. In recent years, demand for plant-based dairy has dipped and conventional dairy is regaining market share.
KKR’s reported interest in a sale of Flora Food Group is the latest in a long line of food and drink disposals. Unilever has spun off its ice cream business and announced plans to separate from food altogether. Nestlé is divesting Blue Bottle Coffee and moving toward a sale of its waters business, while others across the sector are splitting up, selling assets or shifting businesses into joint ventures.
Whether Flora Food Group is hoping to be bought by a strategic food company or another private equity firm remains unclear. The business did not immediately respond to a request for comment.
