02 Jul 2018

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.