Future Consumer Enterprise Ltd, the food and FMCG arm of Kishore Biyani-led Future Group, previously known as Future Ventures, is acquiring 35 per cent stake in Mumbai-based Sarjena Foods Private Limited, the company announced in a BSE disclosure.
Sarjena Foods is manufacturing and distributing branded bakery products under the brand Baker Street.
The company manufactures and exports nan khatai, eggless cake rusk, cookies and toasts, etc.
Indus Advisors Private Limited acted as the sole financial advisor to Sarjena Foods Pvt Ltd for this transaction.
A spokesperson from Future Group said that the idea to invest in Sarjena is to enter branded bakery products. At the same time, this acquisition would help in the growth of ‘Food Hall’, an initiative by Future Group. Launched in May 2011 in Mumbai, Food Hall is a premium lifestyle food destination by Future Group.
Late last year, Future Consumer exited its stake of 43.7 per cent in Mumbai-based Capital Foods Pvt Ltd.
Companies similar to Sarjena have been attracting investment in the past. Recently, Delhi-based Veeba Food Services Pvt Ltd, founded by former promoters of Fun Foods Services Pvt Ltd, raised around Rs 10 crore in a Series B round of funding led by the existing investor DSG Consumer Partners.
Fine dining restaurant chain Speciality Restaurants, which is backed by multi-stage PE investor SAIF Partners, is also acquiring majority stake in Mumbai-based bakery chain Love Sugar Dough. Love Sugar Dough is a Mumbai-based company set up in 2011 by Nauzad Munshi and Tarannum Merchant. It has eight bakery stores spread across Mumbai, Pune and Surat and wishes to scale up and expand the stores in other cities.
(Edited by Joby Puthuparampil Johnson)
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