KKR & Co. Inc.

(New York Stock Exchange)
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Slightly Bullish +25

Private-equity firm KKR said to be eyeing disposal of Flora Food Group

AI-generated analysis

πŸ“‰ Private-equity firm KKR is reportedly exploring the potential sale of its Flora Food Group plant-based assets, though the investment giant has declined to comment.

🀝 The Financial Times reported that KKR is currently in talks with investment banks regarding a possible disposal of the European business.

πŸ’° Sources suggest a valuation for the deal could reach as much as $10bn.

🏒 Flora Food Group was acquired by KKR in 2018 from Unilever for approximately €6.8bn (€7.9bn at today's exchange rates).

⚑ The company previously traded under the name Upfield before rebranding in 2024 and reported sales of around €3bn in 2025.

πŸ”„ A prior attempt to sell Flora Food Group to Abu Dhabi's sovereign wealth fund reportedly failed to materialize.

🧈 The portfolio includes major brands such as Flora, I Can't Believe It's Not Butter, Country Crock, Blue Band, and Becel.

🌎 Separately, KKR is divesting assets in Latin America through a deal with Peruvian group Alicorp for operations in seven markets excluding Brazil and Mexico.

🏭 The Latin American transaction involves the manufacturing plant in Cali, Colombia, but excludes operations in Brazil and Mexico.

🏷️ Specific Latin American brands included in the sale are La Danesa margarine, Dorina, and Bonella butter.

πŸ“„ Flora Food Group and KKR have both declined to comment on the current speculation regarding the EMEA disposal.

Bullish Signals
  • KKR acquired the Flora Food Group plant-based branded assets across Europe, the Middle East, and Africa (EMEA) in 2018 for approximately €6.8bn ($7.9bn today), demonstrating strong strategic value.
  • The business generated significant sales of around €3bn in 2025, highlighting its robust market presence despite recent restructuring discussions.
  • KKR's previous link to a sale involving Abu Dhabi's sovereign wealth fund indicates sustained high-level interest in the asset with potential for premium valuations.
  • The portfolio includes a strong array of recognizable brands such as I Can't Believe It's Not Butter, Country Crock, Blue Band, and Violife which support growth opportunities.
  • Alicorp has signed an agreement to acquire Flora's operations across seven markets including Peru, Colombia, and Ecuador, facilitating regional expansion and consolidation.
  • The Latin America deal includes a manufacturing plant in Cali, Colombia, providing operational infrastructure for the group's continued presence in the region.
Risk Factors
  • KKR is considering the disposal of its Flora Food Group assets despite having acquired them from Unilever for approximately €6.8bn ($7.9bn) in 2018, indicating potential dissatisfaction with the asset's performance or value realization.
  • A previous attempt to sell Flora Food Group to Abu Dhabi's sovereign wealth fund fell through, suggesting possible ongoing challenges in finding suitable buyers for these plant-based branded assets.
  • KKR faces a continued strategic uncertainty as it works with investment banks on a potential deal valued at up to $10bn, while the business was previously known as Upfield and renamed only in 2024.
  • Assets in Latin America are actively being sold separately to Alicorp for seven markets (Guatemala, Panama, Dominican Republic, Colombia, Ecuador, Peru, Chile), excluding operations in Brazil and Mexico, further fragmenting the portfolio.
  • The deal with Alicorp excludes significant regions like Brazil and Mexico, potentially reducing the overall revenue base if sales in those areas are substantial despite 2025 global sales being around €3bn.
  • Multiple key stakeholders, including KKR, Flora Food Group, and Just Food, have declined to comment on the speculation, creating a lack of clarity regarding the financial health and future strategy of this major portfolio asset.
Full Analysis
Privately-owned financial firm KKR has declined to comment on speculation that it is considering selling its stakes in the Flora Food Group, as reported by the Financial Times on April 30. Unnamed sources cited by the publication suggest a potential deal could be worth up to $10 billion. KKR acquired the Europe, Middle East, and Africa (EMEA) branded assets of Flora Food Group from Unilever in 2018 for approximately €6.8 billion. The company has also previously been linked to a failed sale attempt involving Abu Dhabi's sovereign wealth fund. Flora Food Group manages a diverse portfolio including its namesake spreads, along with well-known brands such as I Can’t Believe It’s Not Butter, Country Crock, Blue Band, Becel, and Violife. The business was originally traded under the name Upfield before being renamed in 2024. According to the company's website, it generated sales of around €3 billion in 2025. Alongside potential European transactions, the group is also actively divesting its Latin American operations, which have recently been sold to Peruvian consumer goods group Alicorp. Alicorp signed an agreement in March to acquire Flora's operations across seven markets: Guatemala, Panama, the Dominican Republic, Colombia, Ecuador, Peru, and Chile. This transaction includes a manufacturing plant in Cali, Colombia, but excludes operations in Brazil and Mexico. The sale encompasses specific brands such as La Danesa margarine, Dorina butter, and Bonella butter. Both KKR and Flora Food Group declined to comment on the speculation regarding the European assets when approached by Just Food, the GlobalData-owned brand that originally published this report.