Upfield is a global leader in plant-based nutrition with more than 100 brands, including Becel, Flora, Country Crock, Blue Band, I Can’t Believe It’s Not Butter, Rama and ProActiv. The company operates in 69 markets around the globe, holding the number 1 brand positions in 49 countries. Upfield’s six business units cover Northwest Europe, Southwest Europe, Central/Eastern Europe, North America, Middle/Latin America and Asia/Africa. The company employs more than 3,500 Associates.

Sienna Capital & Upfield 

In July 2018, Sienna Capital has invested EUR 250 million alongside KKR and other co-investors into Upfield, its first co-investment transaction. 
Sienna Capital is represented on the Board of Upfield by a senior member of GBL’s investment team. 


The investment valuation is based on industry-accepted valuation methodologies, primarily consisting of an income approach and market approach. 

Financial Year 2019 

In 2019, Upfield continued to perform in-line with our expectations with encouraging sales growth in markets such as the U.S. and Indonesia. Upfield also purchased Arivia S.A., a leading producer of plant-based cheese. 


Value of Investment (12/31/2019) 


Business area

Plant-based Nutrition Company  

Registered office

Rotterdam, Netherlands   

Key Data from GBL Annual Report 2019