ChrysCapital to acquire majority stake in Theobroma in Rs 2,410 crore deal: Report

Theobroma is expected to retain its independent operations following the acquisition.

Homegrown private equity player ChrysCapital is set to acquire a controlling stake in premium bakery chain Theobroma for Rs 2,410 crore, according to a report by The Economic Times. The fund will purchase nearly 90% of the company from its founding promoters, the Wykes family, and existing investor ICICI Venture, with the remaining 10% stake expected to stay with the current shareholders.

Per ET, ICICI Venture, which invested around ₹300 million in Theobroma in 2021, is likely to earn a return of nearly three times its investment through this exit. The transaction marks ChrysCapital’s second major consumer-sector investment this year, following its earlier bet on ethnic snacks brand Bikaji in March.

Sources quoted by ET noted that while the deal was finalised at a valuation lower than initial discussions—due to subdued financial results—it is still seen as a positive signal for large-scale deals in the dining and quick-service restaurant (QSR) sector. Multiple deals in the space are reportedly stalled, awaiting more favourable market conditions.

Theobroma had also drawn early interest from other prominent suitors, including Blackstone, Carlyle, and the Khoraikwala-owned Switz Group, which runs the Monginis bakery chain. The transaction was advised by Arpwood Capital on behalf of the promoters, the ET report added.

As reported earlier by The Economic Times in September, ChrysCapital has been actively looking to build a QSR portfolio, eyeing brands like Theobroma and The Belgian Waffle Co.

Founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma began as a single outlet in Mumbai’s Colaba and has since grown to over 150 outlets across 10 cities. According to sources, the brand’s revenue for FY24 stood at approximately Rs 400 crore and is projected to rise to Rs 550 crore, with an estimated Ebitda of Rs 80–100 crore. Theobroma is expected to retain its independent operations following the acquisition.