Mumbai / IN. (eca) Everstone Capital announced that its bread and bakery platform Everfoods Asia, has sold Modern Food Enterprises Private Limited to Grupo Bimbo S.A.B. DE C.V. and its Indian subsidiary Ready Roti India Private Limited. 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.
Everfoods acquired Modern from Hindustan Unilever Limited In April 2016 and relaunched the iconic bread brand in June 2017 nationwide. The relaunch was crafted with intensive efforts and significant investments in manufacturing, research + development at Modern’s innovation hub in Chennai, coupled with thorough work on consumer insights, strategy and design.
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.
Commenting on the transaction, Roshini Bakshi, Managing Director, 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 its portfolio expansion and wider reach thereby exhibiting tremendous growth. I wish Grupo Bimbo the best for future and hope they continue to grow bigger and better.»
Modern is a brand with a pan-India presence in the bread and bakery segment. Everstone identified the major opportunities that the brand offered and helped Modern strengthen its geographic coverage, expand the portfolio, and extend the brand to adjacent and newer categories, both organically and via acquisitions.
About Everstone Group
Everstone Capital is a premier investment group focused on India and South East Asia, with assets in excess of USUSD 5 billion across private equity, real estate, credit, green infrastructure and venture capital. Everstone has a significant resource base across its seven offices in Singapore, India (Mumbai, Delhi, Bengaluru), London, New York and Mauritius, comprising best-of-breed investing, operations and strategic resources with significant experience and skills.
About Modern Food Enterprises
Established in 1965 by the Government of India, Modern Food was the first branded bread in India. In the following decades, Modern became one of India’s best recognized brands with a full range of white, sweet, health and wellness breads, as well as value-added bakery products such as rusks, cakes, muffins, buns, pavs and cream rolls. Modern Food’s bread and bakery products are manufactured and marketed nationally through a network of seven manufacturing plants and more than 80,000 outlets. In its new avatar, Modern wants its customers to ‘Thrive, and savour life to the fullest’ by helping them make smarter choices from its expanded range of healthy, nutritious and tasty bread and bakery products.