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Private equity firm Samara Capital, along with a consortium of investors including Convergent Finance, will set up a roll-up platform for packaged foods for which it has earmarked USD 150 million. As part of its strategy, it will explore mergers and acquisitions (M&As) in mid-sized packaged foods and sign licensing deals to bring global food brands to India.
The platform will additionally focus on organic growth for scaleable western-style convenience foods categories and majority investments, including capex, and distribution will be infused. The company is already in talks with some global brands that are looking to enter India
The Samara Capital-backed platform, to be called Agro Tech Foods, has begun with Sundrop edible oil, peanut butter and ACT II popcorn as its first brands. The platform will be similar to Sapphire Foods, which Samara Capital had set up for food services, which operates Yum! Brands quick-service restaurant (QSR) chains KFC and Pizza Hut in India.
Samara and Convergent Finance have agreed to jointly acquire 51.8 percent stake in foods maker Agro Tech Foods (ATFL) from its Chicago-based parent company Conagra Brands Inc for 650 crore. Agro Tech would be the base on which the company will build growth in packaged foods, with more mid-sized brands housed under the Agro Tech Foods umbrella. |
