LONDON – Private equity company CVC Capital Partners is now the owner of ekaterra, formerly a part of Unilever PLC’s tea business. CVC Capital Partners paid €4.5 billion ($4.7 billion) for the unit, which includes such brands as Lipton, Pukka, T2, Tazo and others.

The ekaterra business had approximately €2 billion ($2.1 billion) in sales in 2020.

CVC Capital Partners has approximately $125 billion in assets under management. Current food company investments in the private equity firm’s portfolio are Deoleo, an olive oil manufacturer; GarudaFood, a maker of beverages, biscuits, confectionery and snacks; Munchy Food Industries, snacks and confectionery; and Vivartia, a processor of dairy products and frozen foods.

The sale of ekaterra to CVC Capital Partners followed a strategic review by Unilever in which the company decided to divest a portion of its tea assets. Unilever continues to operate its tea businesses in India and Indonesia and remains in its joint venture with PepsiCo, Inc., Purchase, NY.