I Can't Believe It's Not Butter! is owned by KKR (the United States, NYSE: KKR) through its subsidiary Upfield, which acquired the brand on 2 July 2018 from Unilever, as part of a €6.83 billion deal.[1] Before Upfield, I Can't Believe It's Not Butter! was owned by Unilever from 1986 to 2018.[1]
This ownership is reported in official statements but has not yet been matched to a regulatory filing.
Evidence: Upfield — our brands, Upfield Holdings B.V. Last checked .
I Can't Believe It's Not Butter! was launched in 1979 with a name that stated the entire proposition, and the deliberately unwieldy phrasing became the point of the advertising. It is one of the largest spread brands in the United States.
Controlling ownership as of . Brands grouped under the entity that owns them; large groups are collapsed.
Open the full KKR ownership tree →
See the full KKR brand portfolio (12) →
KKR controls 12 brands on Brandtree, 8 of them in food.
KKR has more brands in butter on Brandtree than any other owner: 7 of 51.
| Brand | Owner | Owner based in |
|---|---|---|
| Breakstone's | Dairy Farmers of America | 🇺🇸 United States |
| Fleurial | Cevital Agro-Industrie | 🇩🇿 Algeria |
| Familia | Lesieur Cristal | 🇲🇦 Morocco |
| Clover | Saputo | 🇨🇦 Canada |
| Mavesa | Empresas Polar | 🇻🇪 Venezuela |
| Anchor | Lactalis | 🇫🇷 France |
| Neo Soft | Megmilk Snow Brand | 🇯🇵 Japan |
| Rita | Patisen | 🇸🇳 Senegal |
KKR is a private-equity firm headquartered in New York, United States, founded in 1976. Brandtree records 12 brands under its control, and it is listed as NYSE: KKR.
KKR was founded in 1976 and effectively invented the leveraged buyout as a large-scale business, most famously with its 1988 takeover of RJR Nabisco. Its consumer holdings are held through funds rather than permanently, so brands under its control are expected to be sold within several years.
Brandtree records a controlling owner for 2,550 brands that began in the United States. 479 of them (19%) are now controlled by a company headquartered in another country; I Can't Believe It's Not Butter! is not one of them.
Unilever sold its spreads business to KKR, which established it as a standalone company named Upfield. Unilever had been trying to exit margarine for years as consumption declined, and the sale followed its rejection of a takeover approach from Kraft Heinz that had prompted a strategic review.
The parent company of I Can't Believe It's Not Butter! is KKR, a private-equity firm headquartered in the United States. I Can't Believe It's Not Butter! sits under KKR's subsidiary Upfield.
Yes. I Can't Believe It's Not Butter! originated in the United States in 1979 and its owner, KKR, is also headquartered in the United States.
KKR completed its acquisition of I Can't Believe It's Not Butter! on 2 July 2018, after announcing the deal on 15 December 2017. The deal, which also included Flora and Becel and 4 others, was valued at €6.83 billion (enterprise value).
Before KKR, I Can't Believe It's Not Butter! was owned by Unilever from 1986 until 2018.
Yes. As of 25 September 2026, I Can't Believe It's Not Butter! is still owned by KKR. The ownership record was last checked against primary sources on that date.
Last verified . Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.
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