KKR-owned Upfield bolts on Arivia

As reported by Sky News last week, Upfield values Arivia at approximately €500m. Several private equity firms also submitted offers, but it is thought they were lower than Upfield's, according to the Sky News report.

The transaction is financed through available cash balances and a debt facility. There is no equity injection from existing Upfield shareholders as part of this transaction, a source familiar with the situation told Unquote. The acquistion sees a partial equity roll-over from existing Arivia shareholders, Unquote understands. 

Founded in 1871, Upfield employs 3,100 people at 16 manufacturing sites. The company sells its products in around 95 countries. It has been backed by KKR since Q4 2017 as a result of the GP's €6bn carve-out of Unilever's spreads division, since then rebranded to Upfield. The transaction was financed by KKR European Fund IV and Americas Fund XII, Unquote learned at the time. 

KKR and Arivia have declined to comment on the deal. 

Company
Founded in 1990, Arivia operates the production and packaging of plant-based cheese and alternative dairy products. Its division Violife is already the number one plant-based cheese brand in the UK, and Arivia has also built a presence in the US, according to a statement.

Arivia is headquartered in Thessaloniki and has a factory located in the north-east of the country. The business employs 300 people.

People
Upfield Group – David Haines (CEO).
Arivia – Anthimos Misailidis (CEO).

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