KKR Weighs $10 Billion Sale of Former Unilever Spreads Division

April 30, 2026 - 11:15

Private equity giant KKR is reportedly exploring a potential sale of Flora Food Group, the former spreads business it acquired from Unilever, in a deal that could value the company at approximately $10 billion. The firm has hired investment bankers to evaluate strategic options, including a full sale or an initial public offering, according to sources familiar with the matter.

The move marks a significant shift in strategy for KKR, which originally acquired the portfolio—including iconic brands such as Flora, Country Crock, and I Can't Believe It's Not Butter—with ambitious plans to transition the entire product lineup to plant-based ingredients. However, the firm has since abandoned those targets, acknowledging the complexity and consumer resistance involved in overhauling established household names.

Flora Food Group has continued to generate steady revenue as a standalone entity, benefiting from strong brand recognition and distribution networks across Europe and North America. The spreads market, while mature, remains resilient, with consumers maintaining demand for butter alternatives and margarine products.

KKR's decision to explore an exit comes amid a favorable environment for large-scale transactions in the consumer goods sector. Several major food companies and rival private equity firms are expected to express interest in the portfolio. A sale at the reported valuation would represent a substantial return on KKR's original investment, which was part of a broader €6.8 billion deal with Unilever in 2018.

The process remains in early stages, and no final decision has been made regarding the structure or timing of any potential transaction.