KKR is exploring a potential $10 billion sale of Flora Food Group, the spreads business it acquired from Unilever in a €6.8 billion deal in 2017. The US private equity firm is working with investment bankers on the sale, which could attract interest from other PE groups. Flora abandoned its plans to make its entire portfolio plant-based due to reversing consumer demand.

The company, which owns brands including I Can't Believe It's Not Butter! and Bertolli, has now added dairy ingredients back into some products after plant-based butter and spreads sales fell 4% and 10% respectively in 2025. Flora generated €3 billion in net sales last year, though it carries a heavy debt load with a 7.5x debt-to-EBITDA ratio.

The Amsterdam-based business traces its origins back to 1871 when Antoon Jurgens bought the margarine patent. KKR's potential exit comes as Unilever continues its portfolio transformation strategy, having previously sold its tea business to CVC and spun off its ice cream division.