India: Haldiram buys The Coffee Bean, Gelato brands from PE firm Everstone

Photo by Fabian Blank on Unsplash

Haldiram Bhujiawala has acquired a majority stake in Pan India Food Solutions Pvt. Ltd from private equity firm Everstone Capital in a Rs 100-crore deal, The Economic Times reported.

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.

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.

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.