ChrysCapital is in the process of paying around Rs 3,200-3,500 crore to acquire Theobroma Foods and Belgian Waffle Co., two chains of bakeries and dessert shops. It is probable that the transaction will occur via a platform for investments established by the private equity company.
As per the sources, the PE player has 60 days to make a legally binding bid for Theobroma Foods and 30 days to settle the conditions with Bloombay Enterprises, the company that owns Belgian Waffle Co.
It was reported that the Mumbai-based waffle maker, which was started by Shrey and Alisha Aggarwal, will probably be purchased for Rs 1,000 crore.
At least four companies have made non-binding offers for a majority share in Theobroma, including the food giant Switz Group and the private equity firms Kedaara Capital, Carlyle, and ChrysCapital. With a roughly 42% ownership interest, ICICI Venture supports the patisserie business.
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