Mumbai, Friday, April 1, 2016 – The Everstone Group today announced that it had completed the
acquisition and transfer of Hindustan Unilever Limited’s (HUL) bread and bakery business under the brand
“Modern” and had made top-level management changes in the firm, including appointing senior business
leader Kuldip Kaura as Chairman of the board.
It also appointed Aseem Soni, former Cargill Foods executive, as its new CEO with immediate effect.
The definitive closure of the deal for the acquisition of Modern for an undisclosed amount was announced
by HUL and Everstone on April 1, 2016, after both parties secured the necessary statutory approvals and
clearances. The deal completion sees the sale and transfer of the “Modern” brand and business on an
ongoing concern basis to Modern Food Enterprises Private Ltd., as the business will now be known.
“Modern is an iconic brand that virtually created the bread category in India and is synonymous with trust
and quality for over 50 years. The Everstone Group will work with its management and board to make
significant investments and deploy the Group’s operational expertise to unlock the brand’s full potential, as
well as expand its portfolio and reach,” said Everstone Co-Founder and Managing Partner Sameer Sain.
“We welcome Modern Foods employees and partners to the Everstone family,” added Sain.
Speaking on the management changes, Everstone said it was appointing eminent public leader and ex-DGP
of Maharashtra police, Dr. P.S. Pasricha, to its board as an independent director. Kaura, who heads the
board, is a former MD & CEO of ACC Cement, has been on the national committee of the highly respected
Federation of Indian Chambers of Commerce and Industry. He is currently a Senior Director with Everstone.
Soni, the new CEO, who earlier headed Cargill’s consumer pack vertical, is also a member of the board.
Two Everstone Managing Directors will also serve as board directors. They are Rajev Shukla, who is a
Unilever veteran with in-depth experience in building consumer brands and businesses, and Deep Mishra,
who led the Modern transaction. Ravindra Nair, Krishna Kumar and N L Mehta, currently senior General
Managers at Modern’s Bakery Division, are being elevated to Executive Director with additional national
responsibilities across Modern Foods.
“Modern is one of just two brands with a pan-India presence in the bread and bakery segment. Yet there are
major opportunities to strengthen our geographic coverage, expand the portfolio, and extend our iconic
brand to adjacent and newer categories, both organically and via acquisitions,” said Soni.
“I am excited to work with Modern Foods’ amazing team and the board, and aim to quadruple the turnover
to INR 1,000 crore in the coming years by providing high-quality, affordable, tasty, and healthy food options
in bread, baked goods and possibly in new categories,” added Soni.
About Modern Foods
Established in 1965 by the Government of India, Modern was the first branded bread in India. In the
following decades, Modern became one of India’s best recognized brands with a full range of white, sweet,
health and wellness breads, as well as value-added bakery products such as rusks, cakes, muffins, buns, pavs
and cream rolls. Modern Foods’ bread and bakery products are manufactured and marketed nationally
through a network of nearly 50 manufacturing plants and over 75,000 outlets.
About Everstone Group
The Everstone Group is a premier India and Southeast Asia focused private equity and real estate investment
firm with assets under management of $3.3 billion. Headquartered in Singapore, Everstone has nearly 200
people working across five offices including Mumbai, Delhi, Bangalore and Mauritius. Everstone has been
awarded ‘Private Equity Firm of the Year in India’ by Private Equity International for five consecutive years.