The Everstone Group (Everstone) has recently signed an agreement with Hindustan Unilever Limited (HUL) on its acquisition of HUL’s bread and bakery business under the brand name ‘Modern’. The deal for the acquisition was for an undisclosed consideration and is subjected to various statutory approvals and requisite clearances.
Everstone group is an investing firm that makes investments mainly in private equity and real estate funds in countries like India and South East Asia with over US$ 3 billion of assets under management. It was founded in the year 2006 by AtulKapur and Sameer Sain. It is headquartered in Singapore and has their offices in Mumbai, Delhi, Bengaluru, and Mauritius. They have a very focused and dedicated team of about 140 people as their employees who are working across their five offices and build up their strategies of operations. These teams also share a common platform of infrastructure and services. They have a strong partnership oriented culture and have collaborations with entrepreneurs, corporations, asset owners and service providers to achieve mutual success. They also look to invest in businesses and opportunities which have a strong nexus to the Indian sub-continent.
HUL will sell their entire bread and bakery business to Nimman Foods Pvt Ltd which is a company backed by the Everstone Group. This acquisition deal was a part of HUL’s strategy to exit its non-core businesses. The deal also involves sale and transfer of the entire brand and business that owns six operating manufacturing units and many network of franchisees across India. The bread and bakery business under the Modern Bakery business of HUL includes a full range of white and sweet bread, health and wellness bread and other value added bakery products such as cakes, muffins, buns, pavs and cream rolls.
The other investments of Everstone group in the food and beverages industry is in Burger King India, Domino’s Indonesia, and several other restaurant brands.