Mumbai-based hospitality services company Pan India Food Services Pvt Ltd's non-executive director Daniel Grossmann has stepped down from the position with effect from February 16, 2015, according to a stock market disclosure.
Also, Pan India Food Solutions, a restaurant operator and owner of Noodle Bar, Bombay Blue and Copper Chimney brands, has appointed Nicholas Cator as additional non-executive director on the board of the company with effect from February 16, 2015, Pan India Food Solutions said in the filing. Cator is also an executive director at Verlinvest.
Pan India Food Solutions, also known as Blue Foods, is run by private equity firm Everstone Capital, along with VerlInvest SA.
Everstone Capital, the seven-year-old India and South East Asia focused fund with $2 billion of assets currently under management, owns nearly 80 per cent stake in Blue Foods through its investing platform Cuisine Asia - a Mauritius-based holding company of Everstone’s restaurant business.
Verlinvest had partnered with Everstone in February 2012 to build a portfolio of food and beverage (F&B) assets in India and also picked up 20 per cent stake in Cuisine Asia.
Grossmann had joined Belgian family office Verlinvest in 2007 where he primarily manages Verlinvest's investments in the consumer services and digital sectors and heads the firm’s developments in Asia.
Everstone also has a JV with JS Hospitality, which owns Park Balluchi and Pind Balluchi brands in the national capital region (NCR). The PE firm had invested $20 million in the company in 2013.
Last month, Boston Consulting Group said in a report that the market size for food in India is expected to reach Rs 42 trillion by 2020 from Rs 23 trillion in 2014, along with a three-time increase in average household income from 2010-2020.
(Edited by Joby Puthuparampil Johnson)