Unilever has announced that it has completed the sale of its spreads business to global investment firm KKR.
The deal was first announced last December.
In a statement, the group also said that it completed the sale of its Spreads business in Southern Africa, to Remgro.
That deal also includes the related acquisition of Remgro’s interest in Unilever South Africa.
In completing its exit from spreads, Unilever is sharpening its focus on growth areas, and loosening its attachment to slower-moving categories, a strategy outlined by CEO Paul Polman last year.
Announcing the deal last December, Polman said that it “marks a further step in reshaping and sharpening our portfolio for long-term growth”.
In securing the Spreads operation, KKR beat off competition from Apollo Global Management and CVC Capital Partners, according to reports.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.