Divestiture closed
KKR acquires Flora and 6 other brands (2018)
KKR completed the acquisition of Flora and 6 other brands on 2 July 2018 for €6.83 billion, buying from Unilever.[1]
Unilever sold its spreads business to KKR, which established it as a standalone company named Upfield. Unilever had been trying to exit margarine for years as consumption declined, and the sale followed its rejection of a takeover approach from Kraft Heinz that had prompted a strategic review.
Deal facts
- Announced
- Closed
- Value
- €6.83 billion (enterprise value)
- Buyer
- KKR
- Seller
- Unilever
- Assets
- Flora, Becel, Country Crock, I Can't Believe It's Not Butter!, Rama, Blue Band, ProActiv
- Regulatory review
- None recorded
Ownership changes recorded from this deal
| Owner | Owned | Relationship | Stake | From | To |
|---|---|---|---|---|---|
| KKR | Upfield | owns | 100% | 2018-07-02 | present |
| Unilever | Flora | owns | 100% | 1964-01-01 | 2018-07-02 |
| Unilever | Becel | owns | 100% | 1960-01-01 | 2018-07-02 |
| Unilever | Country Crock | owns | 100% | 1981-01-01 | 2018-07-02 |
| Unilever | I Can't Believe It's Not Butter! | owns | 100% | 1986-01-01 | 2018-07-02 |
| Unilever | Rama | owns | 100% | 1924-01-01 | 2018-07-02 |
| Unilever | Blue Band | owns | 100% | 1923-01-01 | 2018-07-02 |
| Unilever | ProActiv | owns | 100% | 1999-01-01 | 2018-07-02 |
| Upfield | Flora | owns | 100% | 2018-07-02 | present |
| Upfield | Becel | owns | 100% | 2018-07-02 | present |
| Upfield | Country Crock | owns | 100% | 2018-07-02 | present |
| Upfield | I Can't Believe It's Not Butter! | owns | 100% | 2018-07-02 | present |
| Upfield | Rama | owns | 100% | 2018-07-02 | present |
| Upfield | Blue Band | owns | 100% | 2018-07-02 | present |
| Upfield | ProActiv | owns | 100% | 2018-07-02 | present |
Who owns these brands today?
Sources (1) & corrections
Last verified . Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.
- [1] Upfield — our brands — Upfield Holdings B.V., Official document; retrieved 6 September 2026.
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