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Everfoods Asia, the bread and bakery platform of Private Equity major Everstone Capital, has sold Modern Food Enterprises Pvt Ltd to Grupo Bimbo S.A.B. DE C.V. and its Indian subsidiary Ready Roti India Private Ltd. The financial details of the transaction were not disclosed.
Modern is a brand with a pan-India presence in the bread and bakery segment.
Grupo Bimbo is the largest baking company in the world, with operations in 33 countries including India, and a portfolio of 13,000 products and more than 100 renowned brands. Everfoods had acquired Modern from Hindustan Unilever Ltd in April 2016 and relaunched the bread brand in June 2017, it said in a statement.
“Modern has unlocked its potential through its portfolio expansion and wider reach thereby exhibiting tremendous growth,” Roshini Bakshi, Managing Director at Everstone Capital Asia said.
Investec was the financial advisor to Everstone and Modern Foods.
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