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11/2021100%LBO

Lipton Teas and Infusions acquired by CVC

NETHERLANDS Food Processing / Beverages / Coffee & Tea EV €1–10bn

Context

Unilever agreed to sell its global tea business, ekaterra, to CVC Capital Partners Fund VIII. The deal is structured as a full‑control carve‑out, with Unilever retaining its tea operations in India, Nepal, Indonesia, and its 50% stake in the Pepsi‑Lipton ready‑to‑drink tea joint venture and related distribution businesses, while the ekaterra perimeter includes all other tea brands and production assets. The transaction was the result of a competitive, multi‑bidder process advised by Goldman Sachs and Centerview Partners on the sell‑side, with CVC’s offer—prepared with Spayne Lindsay & Co and Citigroup—outperforming competing bids from Carlyle and Advent. By exiting ekaterra, Unilever executes a strategic portfolio reshaping focused on reallocating capital toward higher‑growth, more digitally oriented and premium consumer‑segments, while CVC takes over a platform‑scale tea business, strong brand equity, and a diversified footprint across nearly 80 countries.

Lipton Teas and Infusions, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the AgriFood sector (12.1x in 2021).

-> Deep-dive in AgriFood market trends

Target

LIPTON TEAS AND INFUSIONS (formerly EKATERRA) is a global tea company carved out of Unilever and positioned as a leading player in the branded tea and herbal‑infusion segment. The business owns and manages a portfolio of 34 brands, including flagship names such as Lipton, PG Tips, Pukka, T2, and TAZO, across a broad range of tea formats such as black tea, green tea, herbal infusions, and specialty blends. ekaterra operates in almost 80 markets worldwide, with particularly strong positions in high‑growth regions such as Pakistan, the United Arab Emirates, and Egypt, which together account for a significant share of its cash flows. The company combines a mass‑market, commodity‑style backbone with premium and purpose‑driven sub‑brands, targeting both everyday consumption and health‑ and wellness‑oriented segments.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2021
€1–10bn
€250–500M
[members only]
2020
€1–10bn
€250–500M
[members only]

Other operations with CVC

Other operations with CVC
DateAcquirerTargetCountrySector
10/2026CVCFIBROTEXISRAELGround Vehicles & Armor
10/2026CVCCERNAVALSPAINNaval
09/2026CVCRIDGEUNITED KINGDOMEngineering & Consulting
09/2026CVCUNITEX TEXTILE SERVICESUNITED STATESSterilization & Hygiene
07/2026CVCECOERIDANIAITALYHazardous Waste
07/2026CVCDISTROKIDUNITED STATESAudiovisual Production
06/2026CVCCLEVERTECHITALYRobotics & Automation
06/2026CVCGAMING LABORATORIES INTERNATIONALUNITED STATESTIC (Testing, Inspection, Certification)
06/2026CVCIRCAITALYIngredients
06/2026CVCCHESS.COMUNITED STATESGaming & Consumer Apps

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REFERENCES

Valuation range: EV €1–10bn

Revenue range: €1–10bn

EBITDA range: €250–500M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Lipton Teas and Infusions by CVC are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: lipton teas and infusions

Acquirer: cvc

FAQ

What transaction does this page cover?

This page covers CVC’s acquisition of 100% of Lipton Teas and Infusions, a Dutch company specialised in Beverages, in 2021, structured as a leveraged buyout (LBO).

How was the acquisition of Lipton Teas and Infusions by CVC valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Lipton Teas and Infusions’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Lipton Teas and Infusions generated annual revenue estimated in the €1–10bn range and EBITDA in the €250–500M bracket (FY 2021). Detailed financial figures are available to members.

How does the valuation of Lipton Teas and Infusions compare to benchmarks in the AgriFood sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the AgriFood sector (12.1x in 2021).

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

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