Everstone Group to acquire controlling stake in Sahyadri Hospitals

Mumbai, April 07, 2019 – The Everstone Group(Everstone), has signed an agreement to acquire a controlling stake in Sahyadri Hospitals Limited(Sahyadri), the largest hospital chain in Maharashtra. The combination of primary and secondary capital outlay is expected to increase the bed-count significantly in next five years.

Founded in 1994, Pune headquartered Sahyadri Hospitals currently operates 5 tertiary care and 3 secondary care hospitals with 750 beds across Pune (Deccan Gymkhana, Nagar Road, Kothrud, Bibwewadi, Kasba Peth and Hadapsar), Nashik and Karad areas. Sahyadri has more than 1000 clinicians along with 2300 supporting staff providing latest medical services.

Sameer Sain, CEO, Everstone Group, said, “Sahyadri Hospitals is a reputed name for quality healthcare and will act as the anchor asset of our healthcare delivery platform. Everstone will leverage its’ significant healthcare expertise and experience to grow the overall business. We look forward to working closely with our partners and stakeholders.”

Commenting on the investment, Dr. Charudutt Apte, Founder, Chairman and MD, Sahyadri Hospitals said, “We are excited about this partnership and the value Everstone Group brings. Sahyadri Hospitals looks forward to the next phase of growth with the support of the experienced team at Everstone.”

According to industry estimates, private secondary and tertiary healthcare delivery in India is expected to grow from USD 42 bn in 2018 to USD 65 bn by 2022 at a CAGR of ~12%. This investment will help Sahyadri to cement its position as the leading healthcare chain in Maharashtra.

Everstone is one of the largest India and South East Asia focused healthcare investor specializing in rolling up assets within their platforms. In 2015, Everstone successfully exited Global Hospitals, a large multi-specialty tertiary hospital chain, generating strong returns. Everstone’s healthcare portfolio includes controlling stakes in domestic pharma distribution platform, Ascent Health; South East Asia based diagnostic device platform Everlife and an investment in one of the largest nutraceutical ingredient business, OmniActive. Everstone recently announced its successful exit from Rubicon Research (Rubicon) generating returns of 4.5x.

About Everstone Group
Everstone is a premier investment group focused on India and South East Asia, with assets in excess of US$5 billion across private equity, real estate, green infrastructure and venture capital. Everstone has a significant resource base across its seven offices in Singapore, India (Mumbai, Delhi, Bangalore), London, New York and Mauritius, comprising best-of-breed investing, operations and strategic resources with significant experience and skills. For more information, visit www.everstonecapital.com
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About Sahyadri Hospitals
Sahyadri Hospitals is the largest chain of hospitals in Maharashtra with 8 hospitals across three cities of Pune, Nashik and Karad. The hospital chain has over 900 Beds, 1,200 Clinicians and 2,300 Support Staff providing round the clock healthcare.
To know more: www.sahyadrihospital.com

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Everstone to sell controlling stake in Rubicon Research

Mumbai, April 04, 2019 –Everstone Group’s Singapore fund, will sell its entire stake in Rubicon Research (Rubicon) to a global private equity player, generating 4.5x multiple and a 92% IRR in a span of two and a half years. This would be one of the best returns generated in the pharmaceutical industry.

Founded by Pratibha Pilgaonkar, Rubicon is a specialty generics pharmaceutical product development company engaged in research, development and manufacturing of branded and specialty generic
products, and OTC products. Everstone’s Singapore fund had acquired a controlling stake in Rubicon and along with co-investor Mankekars, bought out Kotak Private Equity and other shareholders and also invested primary capital in the company.

Backed by robust business performance, Rubicon has grown its’ profits by over 5x in a short span of two and a half years, through multiple product approval and launches. Led by Dr Arjun Oberoi and Puncham Mukim, both Managing Directors and Board Members of Rubicon, the Everstone team worked closely with the promoters on their overall strategy, helping them on molecule identification and scaling their manufacturing network. Everstone, through their global network, also brought in external expertise of David Silver, a US pharma industry veteran, to help the company in market feasibility studies.

Parag Sancheti, Director, Rubicon Research Pvt. Ltd. said, “Thanks to common friends and relationships, we were introduced to Sameer Sain and Atul Kapur and were fortunate to have them believe in us and back us at such an early stage. I would like to thank the Everstone team for the large amount of resources and support they provided us that enabled us to transform and grow. I look forward to our continued association with them.”

Sameer Sain, Co-Founder and CEO, Everstone Group, said, “This is a great example of how a strong relationship and true team work between internal and external stakeholders can produce exceptional outcomes. Parag and his family have been outstanding partners and I wish them well as they embark on their journey from a regional company to a global player.”

This is yet another successful exit for Everstone managed funds in the healthcare space after their exit from Global Hospitals – sold to IHH in 2015 generating over 3x returns. Everstone is one of the largest healthcare investors in the country and specializes in rolling up assets within their platforms with a controlling stake in domestic pharma distribution platform, Ascent Health, South East Asia based diagnostic device platform Everlife and is also an investor in OmniActive, one of the largest nutraceutical ingredient business founded by Sanjay Mariwala.

About Everstone Group
Everstone is a premier investment group focused on India and South East Asia, with assets in excess of US$5 billion across private equity, real estate, green infrastructure and venture capital. Everstone has a significant resource base across its seven offices in Singapore, India (Mumbai, Delhi, Bangalore), London, New York and Mauritius, comprising best-of-breed investing, operations and strategic resources with significant experience and skills. For more information, visit www.everstonecapital.com
LinkedIn

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Modern Food Enterprises relaunches iconic brand in Lucknow with enhanced portfolio

Lucknow, 25 Mar 2019: Modern Food Enterprises Pvt. Ltd. (MFEL) has today relaunched its iconic Modern brand with new brand positioning; brand identity; fresh, vibrant and contemporary packaging; and an enhanced portfolio of superior and healthier products in Lucknow.

The new Modern range will also be available across other key markets such as Kanpur, Barabanki, Ayodhya, Basti, Shahjahanpur, Sitapur, Lakhimpur, Gola Gokarannath, Palia, Prayagraj, Balrampur,
among others. Modern has a significant market share with around 2,400 retail outlets present in Lucknow and neighboring areas. The company plans to scale up its retail presence to over 3,200 outlets in and around Lucknow in the next one year.

Lucknow has a growing cosmopolitan population, which is today more health-conscious than ever before. Modern Food sees strong potential in the health and wellness breads category and as a leading industry player, it will spearhead the development of this segment.

Aseem Soni, Chief Executive Officer & Board Member, Modern Food, said, “We are thrilled to bring back the iconic Modern Brand with new offerings for the people of Lucknow and neighboring markets. So far, we have received an excellent response since our relaunch, reflected by volume increases in the markets where we have launched the new product range.”

“Our R&D team has given us an advanced portfolio of superior health and wellness products, which will provide impetus to our growth in the number of outlets in this market.” Soni further added.

The new portfolio features products such as Milk Plus bread enriched with calcium; Hi-Fibre Brown bread reinforced with premium wheat fibre; 100% whole-wheat bread; and new innovations such as
Multigrain Superseed Bread which not only has superseed sprinkles on top but even the flour is made of seven grains and contains Omega 3. All these products will be available in Lucknow market, giving the consumers a greater variety of tasty and healthier eating and snacking options.

Modern, has a legacy of over five decades and is the pioneer of the organized bread sector in India. The Everstone Group, a premier India and Southeast Asia multi-asset investment firm, acquired Modern Food from Hindustan Unilever Ltd. on April 1, 2016. Since then, Modern’s relaunch has been crafted with intensive effort and significant investments in manufacturing, as well as R&D at Modern’s innovation hub in Chennai, coupled with thorough efforts on consumer insights, strategy, and design.

About Modern Food Enterprises Pvt. Ltd
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 Food’s bread and bakery products are manufactured and marketed nationally through a network of over 40 manufacturing plants and more than 80,000 outlets. In its new avatar, Modern wants its customers to ‘Thrive, and savour life to the fullest’ by helping them make smarter choices from its expanded range of healthy, nutritious and tasty bread and bakery products.

Visit www.modernfoods.co.in for more information.

About the Everstone Group
Everstone is a premier investment group focused on India and South East Asia, with assets in excess of US$5 billion across private equity, real estate, green infrastructure and venture capital. Everstone has a significant resource base across its 7 offices in Singapore, India (Mumbai, Delhi, Bangalore), London, New York and Mauritius, comprising best-of-breed investing, operations and strategic resources with significant experience and skills. For more information, visit www.everstonecapital.com.
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Everstone-backed Everlife invests in Chennai based CPC Diagnostics

Mumbai, March 13, 2019 – The Everstone Group via its healthcare platform Everlife has acquired a stake in Chennai based CPC Diagnostics, to include core in-vitro diagnostics (IVD) segments in its portfolio of medical devices and extend its geographical presence to India, with this first investment in the country.

Founded in 1987, CPC Diagnostics (“CPC”) is a medical devices manufacturer and distributor with presence across India, Sri Lanka and Bangladesh, and exports to countries in Middle East and Europe. It supplies a wide range of products and services to research and clinical laboratories. With this strategic investment, Everlife plans to support CPC’s manufacturing and distribution capabilities within India and South-East Asia, to become the leading IVD distributor in India.

Dr. Arjun Oberoi, Vice Chairman, Everlife and Managing Director, Everstone Capital stated: “We are delighted to invest in CPC Diagnostics and help scale up its presence across the diagnostics sector. Its strong manufacturing and R&D capabilities make them an ideal partner for us and we will help them expand in markets beyond India. Everlife can also leverage on CPC to grow its value segment range of products, to cater to the growing demand of quality medical devices within emerging markets.”

Commenting on the investment, R. Kailasnath, Managing Director, CPC Diagnostics said: “We are excited about this partnership and look forward to work closely with Everlife’s leadership. Everlife is creating a pan South Asian and South-East Asian distribution and manufacturing platform for IVD and other laboratory/medical device segments and we are looking forward to contributing to this objective.”

The in-vitro diagnostics (IVD) segment is one of the largest within the medical devices market. CPC’s portfolio already overlaps with IVD’s biggest segments, namely the immunoassay, bio-chemistry and haematology segments. The investment would allow CPC to consolidate their position in these core segments while expanding territorial reach.

Everlife also has investments in Malaysia-based Chemopharm Group, a leading provider of products and solutions to laboratory, research and medical facilities in South-East Asia; DV Medika Group, manufacturer and distributor of one of Indonesia’s top brands of hospital furniture and other imported medical equipment and supplies; and Singapore-based Bio-REV Pte. Ltd., which specializes in distribution of reagents, media and consumables to the Life Sciences industry.

About Everlife
Everlife Asia is a buy-and-build platform aimed to provide complete solutions for the healthcare and research industries in South East Asia and India. As part of the Everstone Group, Everlife invests in manufacturers and distributors in the region covering key strategic segments including in-vitro diagnostics, medical diagnostics, critical care equipment, implants and consumables. Cure Capital is a minority investor in Everlife. Everlife’s portfolio companies represent more than 200 principals and its more than 600 employees operate in 7 countries. For more information, visit www.everlifeasia.com.
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About Everstone Group
Everstone is a premier investment group focused on India and South East Asia, with assets in excess of US$5 billion across private equity, real estate, green infrastructure and venture capital. Everstone has a significant resource base across its seven offices in Singapore, India (Mumbai, Delhi, Bangalore), London, New York and Mauritius, comprising best-of-breed investing, operations and strategic resources with significant experience and skills. For more information, visit www.everstonecapital.com
LinkedIn

About CPC Diagnostics
CPC is a Chennai based manufacturer and marketer of in-vitro diagnostic products. CPC has three decades of experience in the industry and is well known for its pioneering efforts in introduction of new products and technologies. With dedicated marketing sales and service teams, CPC operates in India, Sri Lanka and Bangladesh. For more information please visit www.cpcdiagnostics.in

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EverSource Capital and NIIF announce partnership with CDC to invest in its renewable energy platform Ayana

Mumbai/London, 28 February 2019: EverSource Capital (a joint venture between Everstone Capital and Lightsource BP) and the National Investment and Infrastructure Fund of India (NIIF) have today announced a partnership with CDC Group in Ayana Renewable Power (Ayana), the renewable energy platform founded by CDC. EverSource Capital manages Green Growth Equity Fund (GGEF), which has NIIF and the UK government as anchor LPs. Completion is subject to regulatory and transaction condition approvals.

Ayana was launched to develop utility scale solar and wind generation projects across growth states in India. It is currently constructing 500MW of solar generation capacity with a strong future pipeline of renewable energy opportunities. With a management team that has a track record of successful execution of renewable energy projects, Ayana is well placed to play an important role in India’s ambition to build 175 GW of renewable energy capacity.

CDC’s Head of Asia, Mr. Srini Nagarajan said “CDC’s commitment to climate change was key in the innovation of Ayana last year and its alignment with the global goals. We are delighted we achieved our early objective to attract fresh capital and we are proud to partner with NIIF and EverSource Capital. Their domestic expertise will further strengthen Ayana and support its mission in developing affordable and accessible renewable energy across India. This investment demonstrates our commitment to invest a further $1.7 billion in India and neighboring countries over the next three years. Within infrastructure, we see further opportunities to provide investment to businesses operating within power generation, power transmission and distribution, transport, the gas midstream and the water sector.”

Sujoy Bose, MD & CEO, NIIF, said “The Indian renewable energy sector has seen strong traction underpinned by healthy capacity additions with globally competitive tariffs. We are pleased to be partnering with CDC and EverSource Capital and backing a strong management team with a successful track record of developing renewable energy in India. We look forward to working with our partners who bring complementary strengths and substantial capital to the platform.”

Dhanpal Jhaveri, CEO, EverSource Capital commented “This partnership brings together likeminded institutional, climate focussed and experienced partners. EverSource has a deep understanding of renewables business with an extensive track record of scaling up world class businesses in India and will provide strategic and operational value add to Ayana in building a high quality rapidly scalable utility grade renewable energy business.”

News release
Standard Chartered Bank acted as the exclusive financial advisor to Ayana Renewable Power Private Limited.
-Ends-

Notes to Editors:
About CDC Group: CDC Group plc is the UK’s development finance institution. Wholly owned by the UK Government, it invests in sub-Saharan Africa and South Asia with the aim
of supporting economic development to create jobs. CDC Group plc has invested in India since 1987. CDC takes a flexible approach and provides capital in all its forms, including equity, debt, mezzanine and guarantees, to meet businesses’ needs and achieve development impact. CDC has net assets of £5.1bn.

About NIIF: NIIF is a fund manager that invests in infrastructure and related sectors in India. An institution anchored by the Government of India, NIIF is a collaborative investment platform for international and Indian investors with a mandate to invest equity capital in domestic infrastructure. NIIF benefits from its association with the Government yet is
independent in its investment decisions being majority owned by institutional investors and managed professionally by a team with experience in investments and infrastructure. NIIF
aims to make commercial investments in the sector which are feasible and at scale. By providing local access and expertise, NIIF is expected to attract significant international capital in Indian infrastructure.

About EverSource Capital: EverSource Capital, a joint venture between Everstone Capital and Lightsource BP, is the fund manager of the Green Growth Equity Fund (GGEF), a USD
700 million target private fund, which has NIIF and the UK Government as anchor LPs, for investing in India’s rapidly scaling green growth market through a differentiated investment approach. This unique partnership brings together a leading multi-asset management firm in India and a renewable energy industry leader and Europe’s leading utility scale solar developer having a portfolio of more than 9 GW under operation / development including 60MW in India to form EverSource, the enabler of renewable energy and green investment opportunities in India.

Contact:
Karan Anand (For EverSource Capital)
Assistant Vice President, Communications & Marketing
(kanand@everstonecapital.com / +91 98333 72732)

Clare Murray, CDC Communications
(cmurray@cdcgroup.com / +44 7887 993356)

Adfactors PR (For NIIF)
Anita Bhoir, Senior Account Director
(anita.bhoir@adfactorspr.com / +91 99303 90055)

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Everstone and GLP Establish Modern Logistics Ecosystem Partnership in India

Mumbai, December 12, 2018 – Everstone and GLP have established a long-term partnership dedicated to investing in the logistics ecosystem in India. The collaboration, the first of its kind in India, expects to invest approximately US$500 million in strategies and technologies to enhance logistics efficiency, while connecting customers with innovative solutions that drive value and competitiveness.

Everstone and GLP see significant opportunities across the logistics value chain in India, including express-delivery, smart trucks, telematics and automation/robotics. The partnership will leverage GLP’s extensive expertise in pioneering modern logistics ecosystems and Everstone’s large and growing network through its private equity, infrastructure and real estate portfolio.

Sameer Sain, Co-Founder and CEO of the Everstone Group, said, “This new partnership with GLP will allow us to leverage each other’s strengths to create a unique technology-led logistics investment strategy in India. Our existing capabilities and national network, coupled with GLP’s strong global track record and expertise will enable us to add significant value to our investments.”

Ming Mei, Co-Founder and CEO of GLP, said, “We see significant room to further integrate the use of technology in India’s logistics industry. We look forward to working closely with Everstone to establish a smart ecosystem that harnesses technology to accelerate growth, create value and drive returns for all stakeholders in India.”

In September 2018, GLP entered the India market through the establishment of a strategic joint venture with IndoSpace, the largest industrial real estate company and part of the Everstone Group.

GLP has a strong track record in creating value for customers through the logistics ecosystem globally and has been investing in technology companies over the last few years to improve logistics efficiency and drive cost savings. India will be the fourth country in which GLP will offer the services, following China, US and Japan. GLP has invested in Tompkins International – a US based company that offers supply chain solutions – and G7 – the largest telematics platform provider in China used by 90% of China’s largest trucking companies – amongst other investments.

About Everstone Group
Everstone is a premier investment group focused on India and South East Asia, with assets in excess of US$5 billion across private equity, real estate, green infrastructure and venture capital. Everstone has a significant resource base across its 7 offices in Singapore, India (Mumbai, Delhi, Bangalore), London, New York and Mauritius, comprising best-of-breed investing, operations and strategic resources with significant experience and skills. For more information, visit www.everstonecapital.com

About GLP
GLP is the leading global provider of modern logistics facilities and technology-led solutions, with US$60 billion in assets under management across its real estate and private equity segments. The Company’s real estate fund platform is one of the largest in the world, spanning approximately 720 million square feet. For more information, visit
www.glprop.com

For more information:

IndoSpace
Karan Anand
Corporate Communications
Tel: +91 98333 72732
kanand@everstonecapital.com
GLP
Ambika Goel, CFA
SVP – Capital Markets
Tel: +65 6643 6372
agoel@glprop.com

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IndoSpace and GLP Form Strategic Partnership

Mumbai, 23 September 2018 – IndoSpace, the largest industrial real estate company in India, and GLP, the leading global provider of modern logistics facilities and technology-led solutions, have established a long-term partnership. GLP will partner with IndoSpace and also co-invest in IndoSpace’s managed investment vehicles. The partnership enables IndoSpace to leverage GLP’s fund management, development and operational expertise and resources, as well as GLP’s extensive global customer network, to further strengthen IndoSpace’s leadership position in India.

IndoSpace has an established platform with over US$2 billion in assets under management today and plans to raise additional capital to build out a pipeline of approximately 120 million square feet of modern logistics infrastructure. Demand for logistics facilities in India is driven by economic expansion, growth in organized retail and e-commerce and the modernization of India’s supply chain, underpinned by favorable government policies, such as the Goods and Services Tax and the ‘Make in India’ initiative.

Through this partnership, GLP will also become an investor in IndoSpace Core, a joint venture established in 2017 by IndoSpace and Canada Pension Plan Investment Board (CPPIB) that is focused on acquiring and developing modern logistics facilities in India. CPPIB initially committed approximately US$500 million to IndoSpace Core and owns a significant majority stake in the Core vehicle.

Sameer Sain, Co-Founder and CEO of the Everstone Group (co-founder of IndoSpace), said, “IndoSpace is excited to partner with GLP, the global leader in the logistics space. GLP’s expertise, scale, technology and global relationships will give us a massive advantage and enable us to deliver significant value to our customers and investors.”

Ming Mei, Co-Founder and CEO of GLP, said, “This partnership is highly strategic and mutually beneficial. IndoSpace is an experienced partner which shares similar values and culture as GLP. It provides us with immediate scale to capitalize on the early growth stages of India’s rapidly modernizing logistics landscape and further expand our logistics ecosystem.”

About IndoSpace
IndoSpace (www.indospace.in) is the pioneer and largest provider of modern industrial and logistics real estate in India and currently has 30 industrial and logistics parks across India. It is promoted by the Everstone Group (www.everstonecapital.com) and Realterm (www.Realterm.com). The Everstone Group is a premier India and South East Asia focused private equity and real estate firm. Realterm is a multi- strategy private equity real estate operator in North America.

About GLP
GLP (www.glprop.com) is the leading global provider of modern logistics facilities and technology-led solutions, with over US$50 billion in assets under management across its real estate and private equity segments. The Company’s real estate fund platform is one of the largest in the world, spanning approximately 700 million square feet.

For more information:

IndoSpace

Karan Anand
Corporate Communications
Tel: +91 98333 72732
kanand@everstonecapital.com

GLP

Ambika Goel, CFA
SVP – Capital Markets
Tel: +65 6643 6372
agoel@glprop.com

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Everstone strengthens its leadership team

Singapore, July 30, 2018 – Sanjay Gujral re-joins the Everstone Group as Chief Operating Officer. He will be based in Singapore and will split his time between Singapore and India. Sanjay will work closely with Sameer Sain, Co-Founder and CEO of Everstone Group, and will take over the responsibilities from Sanjoy Chatterjee, who is relocating to New York to become the President of Americas and Global Head of Business Development for Everstone.

“We are delighted to welcome Sanjay back to his home at Everstone and I look forward to working with him very closely in the coming years,” said Sameer Sain, Co-Founder and CEO of the Everstone Group.

Sanjay was previously a part of the leadership team and investment committee at L Catterton Asia. He has over 20 years of experience in private equity, M&A and financial advisory. Prior to L Catterton, Sanjay was an Executive Director at Everstone Capital in India. He has also spent 11 years in corporate finance advisory at Arthur Andersen, Ernst & Young and Ambit Corporate Finance. An alumnus of Shri Ram College of Commerce, Delhi University, he completed his MBA from Indian Institute of Management Bangalore.

About Everstone Group
The Everstone Group is a premier India and Southeast Asia business group and multi asset investment firm with assets under management of over US $4.5 billion. Everstone has over 260 people working across seven offices—Singapore, Mumbai, Delhi, Bengaluru, Mauritius, London and New York. The firm’s strong presence and network in India and Southeast Asia allows its existing and new portfolio businesses to build operations in the region and beyond. Everstone has been awarded ‘Mid-Market Firm of the Year in Asia’ for two consecutive years in a row (2016 and 2017), as well as ‘Private Equity Firm of the Year in India’ for seven consecutive years from 2011 to 2017 by Private Equity International. For more information, visit www.everstonecapital.com.
LinkedIn

About Everstone Group
Everstone is a premier investment group focused on India and South East Asia, with assets in excess of US$5 billion across private equity, real estate, green infrastructure and venture capital. Everstone has a significant resource base across its seven offices in Singapore, India (Mumbai, Delhi, Bangalore), London, New York and Mauritius, comprising best-of-breed investing, operations and strategic resources with significant experience and skills. For more information, visit www.everstonecapital.com
LinkedIn

About CPC Diagnostics
CPC is a Chennai based manufacturer and marketer of in-vitro diagnostic products. CPC has three decades of experience in the industry and is well known for its pioneering efforts in introduction of new products and technologies. With dedicated marketing sales and service teams, CPC operates in India, Sri Lanka and Bangladesh. For more information please visit www.cpcdiagnostics.in

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Everfoods signs definitive agreement to acquire Cookie Man, India’s #1 brand of fresh baked cookies

Mumbai, Monday, July 02, 2018 – Everfoods, packaged foods platform controlled by the Everstone Group, has entered into an agreement to acquire Cookie Man (Australian Foods India Private Limited), India’s #1 brand of fresh baked cookies, via its subsidiary Modern Food Enterprises Pvt. Ltd (MFEL). Anupam Saluja, CEO, Cookie Man, and the current leadership team, will continue to work with the Modern and Everstone leadership.

Chennai headquartered Cookie Man, is a manufacturer and retailer of Australian cookies and bakery products such as muffins, ice creams, brownies, chocolates. It currently has a network of 50 plus stores/kiosks in leading malls and airports present in over 20 cities across India. As a part of the acquisition, Everfoods also gets exclusive rights to own and operate the brand and other related intellectual property not only in India but also in adjoining countries of Sri Lanka, Nepal, Bangladesh and Mauritius.

Speaking on the acquisition, Deep Mishra, Managing Director, Everstone Group, who leads the investments and acquisition strategy for Everfoods said, “Cookies are the fastest growing segment in the biscuits category, and the segment is expected to continue to grow at double digit rate in the coming years. Cookie Man, with its premium and authentic cookies positioning and an extremely strong equity base is a good fit for Everfoods and especially Modern. This is the first of many acquisitions in core and adjacent spaces that we are evaluating and looking to close.”

Previously, Everstone Group via Everfoods, completed the acquisition of the iconic ‘Modern’ brand from Hindustan Unilever Limited (HUL) in 2016 and has also built a state of the art R&D facility in Chennai.

About Everstone Group
The Everstone Group is a premier India and Southeast Asia business group and multi asset investment firm with assets under management of approximately US $4 billion. Everstone has over 250 people working across seven offices—Singapore, Mumbai, Delhi, Bengaluru, Mauritius, London and New York. The firm’s strong presence and network in India and Southeast Asia allows its existing
and new portfolio businesses to build operations in the region and beyond. Everstone has been awarded ‘Mid-Market Firm of the Year in Asia’ for two consecutive years in a row (2016 and 2017), as well as ‘Private Equity Firm of the Year in India’ for seven consecutive years from 2011 to 2017 by Private Equity International.
For more information, visit www.everstonecapital.com and follow us on Linked In at  LinkedIn

About Modern Food Enterprises Pvt. Ltd
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 Food’s bread and bakery products are manufactured and marketed nationally through a network of over 40 manufacturing plants and more than 80,000 outlets. In its new avatar, Modern wants its customers to ‘Thrive, and savour life to the fullest’ by helping them make smarter choices from its expanded range of healthy, nutritious and tasty bread and bakery products. Visit www.modernfoods.co.in for more information.

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