Unilever Sells Lipton Tea to CVC Capital For $5 Million
Just due to the tea business struggling to escalate these days alongside the change of taste of their customers they decided to do the transaction values the business at 4.5 billion euros. Unilever is currently the world’s largest tea maker owning some brands like Lipton Brooke bond and PG Tips.“The evolution of our portfolio into higher-growth spaces is an important part of our growth strategy,” Jope said. “Our decision to sell ekaterra demonstrates further progress in delivering against our plans. ”Ekaterra has a portfolio of 34 brands including Lipton, PG Tips, Pukka, T2, and TAZO, and created about 2 billion euros in earnings last year
They made a declaration in 2020 that they are trailing some ideas to sell out their business since Americans are developing their taste more leaned towards coffee and other beverages as compared to black tea. The interesting part here is this deal will not include the tea business in three countries that are India, Nepal, and Indonesia such as its stake in a joint venture with PepsiCo Inc since the customers of these countries still somehow are deeply interested in refreshing their taste buds through the aroma of tea leaves.