Becel owner Flora up for sale for 7 billion euros

Investment firm KKR is putting Flora Food Group—the company behind former Unilever margarine brands such as Becel, Bertolli, Blue Band, and Violife—up for sale. A deal could fetch 7 billion euros.

Investor interest

KKR acquired Flora Food Group—then known as Upfield—from Unilever in 2018 for 6.8 billion euros. In 2024, the name was changed to Flora Food Group, with the ambition of becoming the world’s largest producer of plant-based foods. However, the owner had to scale back that ambition after sales of plant-based dairy alternatives declined due to changing consumer behavior. Just last month, the company reported a slight decline in revenue for the first half of the year.

Back in April of this year, the Financial Times reported that KKR was working with investment bankers on a potential sale of the food group to free up capital for other investments. That plan appears to be taking shape: according to Sky News, the investment fund is set to launch an auction in the coming weeks, which is expected to raise 7 billion euros. Several private equity firms are reportedly showing interest.