Flora Food Group Sells Latin American Spreads Business to Alicorp

Flora Food Group sold its Latin American spreads business to Alicorp for $150.5 million. The transaction, completed on November 2, excludes Flora's operations in Mexico and Brazil but covers 19 brands across seven nations.

The acquired portfolio includes regional staples like Rama in Colombia, Bonella and Dorina in Ecuador, La Perfecta in Panama, and La Danesa. Alicorp also gains the Flora production facility in Cali, Colombia, and full ownership of subsidiaries in Guatemala, Panama, the Dominican Republic, Colombia, Ecuador, Peru, and Chile. The Netherlands-based Flora Food Group, formerly known as Upfield, retains its presence in Latin America's two largest markets.

Strategic Fit

Alicorp's acquisition provides exclusive commercialization rights for Flora brands, including Country Crock, in Central America and the Caribbean. The Cali production plant will supply the Colombian, Ecuadorian, Peruvian, and Panamanian markets. Employees in commercial, marketing, supply chain, and operational roles will transfer to Alicorp as part of the deal.

The agreement involves a mix of transferred and licensed brands. Distribution arrangements cover approximately 30 territories across Central and South America and the Caribbean. This move deepens Alicorp's presence in the spreads category, which includes margarine and other bread products.

Industry Context

The sale occurs within a plant-based market where Flora's turnover has remained steady. The company generated €3 billion in net sales last year. Its compound annual growth rate between 2019 and 2025 is projected at 1%, despite a broader sector correction.

Flora Food Group's parent, private equity firm KKR, is exploring a full sale of the international business for as much as $10 billion. The company carries a high debt load, with a debt-to-EBITDA ratio of about 7.5x. The deal follows Alicorp's January acquisition of Unilever's home-care business in Colombia and Ecuador.

Integration and Overlap

Alicorp, a Peruvian food and consumer goods company part of Grupo Romero, now must integrate the new assets. A notable overlap exists in Colombia, where Alicorp already owns the margarine and spreads brand Primor, competing directly with the acquired Rama brand. The companies have not addressed this conflict.

The acquisition was agreed in March 2026, subject to regulatory approvals. Alicorp's country manager for Colombia, Central America and the Caribbean, Juan Felipe Isaza, stated the company's immediate priority is a smooth transition for employees. He emphasized an orderly handover to protect supply continuity and brand quality.