Unilever, the multinational consumer goods giant has announced the sale of its global tea business Ekaterra to CVC Capital Partners Fund VIII for €4.5 billion ($5.1 billion).
Ekaterra has a portfolio of 34 tea brands such as Lipton, PG tips, Pukka, and T2, with 11 production facilities in 4 continents, and Tea estates in 3 countries generating revenue of around €2 billion in 2020.
“The evolution of our portfolio into higher growth spaces is an important part of our growth strategy for Unilever. Our decision to sell ekaterra demonstrates further progress in delivering against our plans,” said Alan Jope, CEO of Unilever.
Pev Hooper, a Managing Partner at CVC Capital Partners said, “ekaterra is a great business, built on strong foundations of leading brands and a purpose-driven approach to its products, people and communities. ekaterra is well positioned in an attractive market to accelerate its future growth, and to lead the category’s sustainable development. We look forward to working with the team to realise ekaterra’s full potential.”