India: Everstone sells Modern Foods to bakery giant Grupo Bimbo

Photo: Pixabay

Private equity firm Everstone Capital on Wednesday announced that its bread and bakery platform Everfoods Asia, has sold Modern Food Enterprises Pvt Ltd to Grupo Bimbo S.A.B. DE C.V. and its Indian subsidiary Ready Roti India Pvt Ltd.

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, operating in 33 countries, including India, and has a diversified portfolio of over 13,000 products and more than 100 renowned brands. The financial details of the transaction were not disclosed.

Everfoods acquired Modern from Hindustan Unilever in April 2016 and relaunched the bread brand in June 2017 nationwide.

Under Everstone, Modern has built a strong leadership position in every market it operates through a distribution network which covers 80,000+ retailers across the country, expanded the brand from bread to a baked good company with multiple new products and operates seven manufacturing units across the country, the PE firm said in a statement.

“We had a phenomenal experience in rejuvenating the legacy brand of Modern and bringing it to the dining table of consumers again. Modern has unlocked its potential through its portfolio expansion and wider reach thereby exhibiting tremendous growth,” said Roshini Bakshi, managing director, Everstone Capital.

This article was first published on livemint.com

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.