Everstone Capital reportedly held about 89 per cent stake in Pan India Food Solutions, which operates under the brand Blue Foods, as of January this year.
As part of the transaction, Haldiram has acquired franchise of The Coffee Bean & Tea Leaf India and ice-cream parlour Gelato Italiano. Pan India Food also owns brands like Spaghetti Kitchen, Spoon and Foodtalk, and some of these, too, were part of the deal, the report added.
“We have acquired a total of 89 outlets as part of this deal. We plan to expand the coffee chain and ice cream business,” the report said quoting Haldiram Bhujiawala’s chief executive, Manish Agarwal. He, however, declined to disclose the financial details of the transaction.
US-based The Coffee Bean & Tea Leaf opened its first outlet in India in 2008. In its home market, it operates about 1,000 outlets.
Pan India Food has not been performing well, and owing to mounting losses Everstone had to scale back expansion plans, and shut down couple of outlets of the coffee chain and Spaghetti Kitchen over the past two years, the report said. Pan India’s consolidated net sales stood at Rs 50.3 crore in FY18 as against Rs 111.88 crore in the previous year.
Earlier this year, Pan India Food also sold casual dining brand Bombay Blue to Yellow Tie Hospitality Management LLP, a food and beverage franchise management company, for an undisclosed amount.