A group of investors led by these two companies have invested around Rs 450 crore ($67.5 million) in cookies, biscuits and breads maker Cremica. The deal was closed last week.
Motilal PE, which acquired 22 per cent stake in Mrs Bectors Food for Rs 48 crore in 2010, completely exited the company through the deal. It pocketed around Rs 210 crore, making a return of over 4X, as per DEALSTREETASIA‘s estimate.
Ajay Bector group too has also sold its entire stake in Cremica.
Talking to DEALSTREETASIA about the investment, Tarun Khanna, partner, CX Partners, said, “we believe the business has given strong operating background and market reputation, which is poised to grow quite rapidly in breads and the biscuit segments. That is the reason we invested in the company.”
Mrs. Bectors, a leading biscuits & bakery products maker, has a diversified business portfolio spanning consumer, institutional and export segments. The company has a network of over 1,500 distributors.
o3 Capital acted as the exclusive financial advisor to Mrs. Bectors Food Specialities, Motilal Oswal Private Equity and the promoters, for this deal.
CX Partners, founded in 2008, manages funds with a corpus of over $500 million. The PE firm provides growth or buyout equity to mid-market companies in India across sectors like consumer, IT and ITES, healthcare and pharmaceuticals, business services and financial services.
As exclusively reported by DEALSTREETASIA, Ajay Relan, the founder and managing partner of CX Partners, is stepping down from day to day management of the firm.