Adani Wilmar to acquire GD Foods, owner of prominent FMCG brand 'Tops'

Adani Wilmar to acquire GD Foods, a leading player in Sauces and Pickles category and owner of renowned brand “Tops”

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26 Aug, 2025 12:21

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Adani Wilmar, the FMCG major known for its 'Fortune' brand, has signed a definitive agreement to acquire GD Foods, a leading player in the sauces and pickles category and the owner of 'Tops' brand, a company filing said on March 4.

The acquisition will be executed in tranches, said Adani Wilmar, with 80% of the shares to be acquired in the first tranche, and the remaining 20% over next three years.

The company filing said the acquisition will lead to significant addition of margin-accretive products in Adani Wilmar's portfolio. The transaction will be funded by internal accruals or IPO proceeds, said the company.

The 'Tops' brand is among the top three players in the tomato ketchup and pickles category, and Adani Wilmar aims to further invest in them to significantly ramp up the distribution reach of all its products.

Adani Wilmar said the acquisition will add a very large range of high gross margin products to AWL's portfolio, and add another strong brand in its kitchen essentials category.

"The acquisition of GD Foods aligns with our vision and will significantly enlarge AWL’s offerings to meet the evolving needs of Indian households. With 8 new product categories added to our portfolio, we are laying a strong foundation to build a formidable presence in the value-added products market over time," Angshu Mallick, MD & CEO of Adani Wilmar said.

GD Foods' sales are mainly concentrated in seven North Indian states, with retail presence across more than 1.5 lakh outlets as well as in-house manufacturing facilities at three locations. In FY24, GD Foods had clocked a revenue of Rs 386 crore, growing at a three-year CAGR of 15% with an EBITDA of Rs 32 crore.

Nitin Seth, Vice Chairman of GD Foods said the company is 'delighted' to be part of Adani Wilmar, adding, "...with AWL’s strength behind us, ‘Tops’ products will reach a much larger number of homes. We are confident that AWL will continue to delight customers and unlock the true potential of the brand."

Adani Wilmar said the deal was supported by KPMG India Corporate Finance as financial advisor, PwC Services LLP as due diligence advisor, and Cyril Amarchand Mangaldas as legal counsel. For GD Foods, Equirus Capital acted as financial advisor and J Sagar Associates as legal advisor.