According to reporting by the Financial Times, global private equity company KKR is exploring a sale of its Flora Food Group business, with a potential valuation of up to $10 billion.

Citing a source close to the sale process, FT reported that the US-headquartered capital firm is currently working with investment bankers on the potential divestment.

KKR acquired Flora Food Group (formerly Upfield) from Unilever in 2017, in a deal worth €6.8 billion. Previously Unilever’s spreads business, Flora focuses predominantly on dairy alternatives, particularly plant-based margarines. Its portfolio includes a range of household names including Flora, Becel, I Can’t Believe It’s Not Butter! and Bertolli.

The Dutch company changed its name to Flora Food Group in 2024 to reflect its ‘evolved purpose,’ aligning with a shift back to being a fully plant-based brand following the removal of dairy ingredients from its Flora Buttery product.

However, according to the FT report, the company is adding dairy ingredients back into some products following a consumer shift back toward traditional butter and high-protein dairy, with sales of plant-based spreads dropping by 10% in 2025 according to the Good Food Institute.

Flora Food Group is an international leader in the plant-based spreads category, as well as in cream and non-dairy cheese products under brands such as Elmlea and Violife. It operates in around 100 countries, with its global headquarters based in Amsterdam, the Netherlands.

In March this year, the company announced the sale of its Latin American operations to Alicorp, a major F&B player across South America with headquarters in Peru.

FoodBev Media has reached out to Flora Food Group and KKR for comment on the reports.

Top image: © Flora Food Group