Everstone arm to buy out Cookie Man

Everfoods, the packaged foods platform controlled by PE fund Everstone group, today said that it has entered into an agreement to acquire the entire promoters' stake of Cookie Man, for an undisclosed sum.

Chennai-based Cookie Man (Australian Foods India) is the largest brand of fresh baked cookies in the country and the acquisition will be carried out by Everstone's subsidiary Modern Food Enterprises, a company release said.

Cookie Man manufacturers and retails Australian cookies and bakery items like muffins, ice creams, brownies, chocolates, thorough a network of over 50 stores/kiosks in leading malls and airports across over 20 cities.

For the Singapore-based India-focused private equity major Everstone, the deal will complement its recent takeover of Modern Foods from Hindustan Unilever and add on its income from foods business.

Everstone said Cookie Man chief executive Anupam Saluja, with the current leadership team, will continue to work with the Modern and Everstone leadership post deal.

Post-acquisition, Everfoods will get exclusive rights to own and operate the brand and other related intellectual property not only in the country but also in adjoining Sri Lanka, Nepal, Bangladesh and Mauritius.

Deep Mishra, managing director at Everstone, who leads the investments and acquisition strategy for Everfoods said, "Cookies are the fastest growing segment in the biscuits category, and is expected to continue to grow at double-digits in the coming years."