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