Everstone sells Modern Foods to Mexican firm for undisclosed amount

Grupo Bimbo is the world's largest baking company, operating in 33 countries including India, and has a diversified portfolio of over 13,000 products and 100 brands

Private equity fund manager Everstone Capital today said that its bread and bakery platform Everfoods Asia, has sold Modern Foods to Moto Grupo Bimbo and its Indian subsidiary Ready Roti India. 

Grupo Bimbo is the largest baking company in the world, operating in 33 countries, including India, and has a diversified portfolio of over 13,000 products and more than 100 renowned brands. The financial details of the transaction were not disclosed.  

Everfoods acquired Modern from Hindustan Unilever in April 2016 and relaunched the iconic bread brand in June 2017 nationwide. 

Commenting on the transaction, Roshini Bakshi, Managing Director, Everstone Capital Asia, said “We had a phenomenal experience in rejuvenating the legacy brand of Modern and bringing it to the dining table of consumers again. Modern has unlocked its potential through its portfolio expansion and wider reach thereby exhibiting tremendous growth. I wish Grupo Bimbo the best for future and hope they continue to grow bigger and better.”  

Investec acted as a sole financial advisor to Everstone and Modern Foods on the transaction.

Everstone recently said that it has reached an agreement to sell Everise—an Everstone-controlled entity founded in partnership with Sudhir Agarwal-led Sunrise BPO—to Brookfield Business Partners and its institutional partners.

Founded in 2006 by Atul Kapur and Sameer Sain, Everstone has since emerged as a market leader. With a large institutional platform and a team of over 350 experienced professionals based in Singapore, India (Mumbai, Delhi, Bengaluru), London, New York and Mauritius, the firm manages assets in excess of $5 billion across private equity, real estate, green infrastructure and venture capital.