Private equity firm Everstone Capital has acquired the Indian operations of Australian bakery chain Cookie Man for an undisclosed amount.
Everstone’s packaged foods platform, Everfoods, has entered into an agreement to acquire Chennai-based Australian Foods India Pvt. Ltd. Cookie Man was launched in India in 2000. Everfoods struck the deal through unit Modern Food Enterprises Pvt. Ltd.
“Cookies are the fastest-growing segment in the biscuits category, and the segment is expected to continue to grow at double-digit rate in the coming years,” said Deep Mishra, managing director at Everstone Group.
Besides cookies, Cookie Man makes muffins, ice creams, brownies and chocolates. It claims to have a presence in more than 50 stores in leading malls and airports across 20 cities across India.
The company had posted net sales of Rs 22 crore for 2016-17, up from Rs 21 crore a year before, according to filings with the Registrar of Companies.
As part of the acquisition, Everfoods also gets exclusive rights to own and operate the brand and other related intellectual property not only in India but also in Sri Lanka, Nepal, Bangladesh and Mauritius.
This is not the first acquisition by Everstone in the bakery segment. In 2016, Everfoods bought Modern Foods from consumer goods giant Hindustan Unilever Ltd.