Mexican firm snaps up Modern Foods

Private equity fund manager Everstone Capital on Wednesday said its bread and bakery platform Everfoods Asia has sold Modern Foods to Mexican firm Moto Grupo Bimbo.

Grupo Bimbo is the largest baking company in the world, operating in 33 countries, including India. It has a diversified portfolio of over 13,000 products and more than 100 renowned brands. Financial details of the transaction were not disclosed.

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

2017.

Commenting on the transac- tion, Roshini Bakshi, manag- ing director

(MD), Everstone Capital Asia, said, “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 portfolio expansion and wider reach, thereby exhibiting tremendous growth.”

Investec acted as sole financial advisor to Everstone and Modern Foods on the transaction.

Everstone recently said it has reached an agreement to sell Eve rise—an Ever stone controlled entity founded in partnership with Sudhir Agarwal-led Sunrise BPO — to Brookfield Business Partners and its institutional partners.

Founded in 2006 by Atul Kapur and Sameer Sain, Everstone has emerged market leader.

With a large institutional platform and a team of over 350 experienced professionals based in Singapore, India (Mumbai, Delhi and Bengaluru), London, New York and Mauritius, the firm manages assets of over $5 billion across private equity, real estate, green infrastructure and venture capital.

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