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DFM Foods sale: EQT, Emami, Balaji Wafers join ITC, TPG in ₹5,500 crore race

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DFM Foods sale: EQT, Emami, Balaji Wafers join ITC, TPG in ₹5,500 crore race

DFM Foods sale: EQT, Emami, Balaji Wafers join ITC, TPG in ₹5,500 crore race

EQT Partners, Emami and Balaji Wafers have joined ITC, TPG and ChrysCapital in the race to acquire Crax maker DFM Foods, as Advent International seeks to sell its 96.63% stake. Non-binding bids are expected by October-end, with the deal potentially valuing the Noida-based snack maker at ₹5,000-5,500 crore.

Ratna Bhushan , Reghu Balakrishnan & By DEE-ANN DURBIN and MIKE HOUSEHOLDER

New Delhi | Mumbai: Swedish private equity firm EQT Partners , Emami Ltd and Balaji Wafers have joined the fray to acquire Crax snacks owner DFM Foods, competing alongside other strategic and private equity suitors such as ITC , ChrysCapital and TPG , according to people with direct knowledge of the development. Talks are in early stages and non-binding bids for the deal are expected by the end of October. Advent International , which started the process to sell its entire 96.63% holding in Noida-based DFM Foods in July, seven years after acquiring the stake, expects to close the sale process by December. The potential deal is likely at a valuation of ₹5,000-5,500 crore, said one of the persons, who did not wish to be identified. Advt

The development comes at a time when hyper-local and online-only rivals are chipping away at the market share of large snack makers such as PepsiCo, Parle and ITC Foods. "We are exploring the possibility of buying into DFM Foods," Balaji Wafers' founder and managing director Chandu Virani said, confirming the negotiations.


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