KKR explores $10 billion sale of spreads unit Flora, FT reports

April 30 (Reuters) – KKR is exploring a sale of Flora Food Group, the spreads business it had carved out of Unilever in 2017, and is aiming to strike a deal at a valuation of $10 billion, the Financial Times reported on Thursday. 

The U.S. private investment group is currently working with bankers on a potential sale of Flora, and could attract interest from other private equity groups, according to the FT report. 

Reuters could not immediately verify the FT report.

KKR and Flora Food Group did not immediately respond to Reuters requests for comment.

In 2017, New York City-based KKR acquired Unilever’s margarine and spreads business, known as Upfield, which includes brands Becel, Country Crock, Blue Band and I Can’t Believe It’s Not Butter! for 6.8 billion euros ($7.93 billion). 

Unilever put the business up for sale in April 2017, following a review of its assets prompted by an unsolicited $143 billion takeover attempt by Kraft Heinz .

Upfield was renamed to Flora Food Group in 2024. The Amsterdam-based group generated 3 billion euros of net sales in 2025, according to its annual report. 

($1 = 0.8573 euros)

(Reporting by Chandni Shah in Bengaluru; Editing by Sherry Jacob-Phillips)