UNILEVER FOOD DIVISION acquired by MCCORMICK & COMPANY
Context
Unilever has entered into a definitive agreement to merge its global food business with McCormick & Company. This transformative transaction values the Unilever Food division at an enterprise value of approximately $44.8 billion. Under the terms of the deal, Unilever will receive $15.7 billion in cash and a 9.9% equity stake in the combined entity, which it intends to divest gradually. Post-transaction, Unilever’s shareholders will own 55.1% of the new group, while McCormick’s existing shareholders will hold 35%. The strategic rationale for the deal is to create a world leader in flavors and condiments with a combined revenue of approximately $20 billion (2025 figures). For Unilever, the move represents a decisive step in its strategic refocusing toward high-growth beauty, wellbeing, and personal care segments, following the prior spin-off of its ice cream division. The combined entity will operate under the McCormick name, maintaining its global headquarters in Maryland and establishing an international headquarters in the Netherlands with a dual listing in New York and Europe. The merger is expected to generate $600 million in annual cost synergies by the third year.
UNILEVER FOOD DIVISION, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the AgriFood sector (10.8x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Unilever's Food division is a global powerhouse in the culinary and flavor space, housing world-renowned brands such as Knorr (soups and bouillons), Hellmann’s (mayonnaise), and Maille (mustard). The business focuses on high-volume, shelf-stable pantry staples with a presence in almost every major retail market worldwide. Its business model is built on massive global scale, deeply integrated supply chains, and a portfolio of brands that act as "market anchors" in their respective categories. Following a strategic shift toward "beauty and wellbeing," this division was carved out to consolidate the global flavor market. In 2025, the brands involved in this transaction generated a significant portion of the combined entity's $20 billion revenue, driven by a consumer shift toward home cooking and premium condiments.
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Historical Financials (USD)
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REFERENCES
Valuation range: EV 3b - 100b USD
Revenue range: 5b - 100b USD
EBITDA range: 2.5b - 5b USD
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Acquirer: mccormick & company