KKR buys Unilever Spreads for €6.8bn

The takeover excludes the South African spreads business. The transaction was financed by KKR European Fund IV and Americas Fund XII, with completion expected in mid-2018.

A source close to the deal disclosed that the EBITDA of Unilever Spreads stands at around €768m following the spin-off, equating to an entry multiple of 8.9x.

KKR European Fund IV was launched in February 2014 with an original target of $3.5bn. It held a final close in December 2015 above target at around $3.7bn. According to unquote" data, the GP contributed more than 5% of the capital raised, with a commitment of approximately $200m.

Founded in 1929 as a result of a merger between Dutch food company Margarine Unie and the UK's Lever Brothers, Unilever is a supplier of personal and home care, food and refreshment products. It generated sales of €52.7bn in 2016.

Company
Unilever's Spreads business operates across 66 countries around the world. In 2016, the business generated a turnover of €3.032bn, with assets of €1.108bn. It operates brands such as Becel, Flora, Country Crock, Blue Band, I Can't Believe It's Not Butter, Rama and ProActiv. 

People
Unilever – Paul Polman (CEO).
Unilever Spreads – Nicolas Liabeuf (CEO).
KKR – Johannes Huth (head EMEA).

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