Modern Foods, the India-based bakery business owned by private-equity firm Everstone Capital, has taken a majority stake in local peer Supreme Baker India for an undisclosed sum.
Based in the city of Gurugram in Haryana state, which is part of the National Capital Region (NCR) of Delhi, Modern Foods has acquired a 75% interest in Supreme Baker India, a spokesperson confirmed to just-food.
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Supreme Baker India is located in the same state in the city of Sonipat and produces cookies and breads, a similar product offering to Modern Foods’ portfolio, which also includes cakes, rusks, snacks, Indian breads and pizza bases. Supreme Baker owns brands such as Citi Fresh and Topsim Food manufactured at its two plants in Delhi.
Modern Foods was once part of food giant Hindustan Unilever – the local arm of Anglo-Dutch consumer goods heavyweight Unilever – until it was acquired by Everstone in 2016. The company operates 40 factories across India, according to its website.
