The deal size and the valuation were not disclosed, but sources said that that L Catterton is likely to have picked up a minority stake
Over and above Temasek, Alpha Wave Global is also likely to soon reach a pact to pick up around 5-6 percent stake in Haldirams along with a co-investor at the same valuation of around $10bn, sources added.
This is the second time that Haldiram’s is selling the stakes. Earlier, Singapore’s investment major Temasek had inked a pact with the Haldiram’s promoters to acquire roughly nine percent stakes in the company.
Blackstone and Alpha Wave Capital are the other suitors who have expressed interest earlier in the transaction
American private-equity firm Blackstone, which reportedly emerged as the preferred bidder for a minority stake in Haldiram, has cited high valuation as the reason for the pullout
Bikaji, a member of the Haldiram family, is leveraging its Bikaner Bhujia heritage with expansion into emerging snacks such as Namkeen and Western varieties. It is also venturing into new categories like Quick Service Restaurants (QSR) and frozen foods, aiming to boost market share both domestically and in exports, while strengthening its pan-India presence in focus markets.
Talks are advanced and the parties are looking to reach an agreement as soon as the coming weeks, the people said, adding that other bidders remain interested in potentially buying a stake.
Haldiram's, which Euromonitor International estimates has a share of almost 13% of India's $6.2-billion market for savoury snacks, has more than 150 restaurants, but many foreign investors are salivating over its popular snacks business
Shares in Bikaji, which is majority-owned by founder Shiv Ratan Agarwal and his family, have gained around 67% to value the company at $2.55 billion since Reuters reported on investor interest in Haldiram's last September.
A Blackstone spokesperson said that the firm had not placed a new bid for Haldiram's following their initial proposal in May 2024, noting that discussions had earlier halted due to a disagreement on valuation.
Blackstone, along with consortium partners Abu Dhabi Investment Authority and Singapore’s GIC - backers of Blackstone’s global funds - have been in talks with the Delhi and Nagpur-based members of the Agrawal family for the last few months, but differences over valuation of the business have delayed the negotiations.
The Agarwal family is considering a listing as bids in the region of $8 billion to $8.5 billion didn’t meet its valuation expectations of about $12 billion, according to the people, who asked not to be identified discussing private information.
Bain Capital, along with Singapore's Temasek, is pitting against a consortium led by Blackstone in a bid to grab a controlling stake in Haldiram Snacks Food Pvt Ltd. If successful, this could mark the largest private equity acquisition in India's history. Watch!
Haldiram's is eyeing a majority stake of at least 51%, but a final number has not been decided
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