Mumbai, September 08, 2015 – The Everstone Group (Everstone) today announced that it has signed an agreement with Hindustan Unilever Limited (HUL) for the acquisition of HUL’s bread and bakery business under the brand “Modern” for an undisclosed consideration.
The transaction is subject to statutory approvals and requisite clearances. It includes the purchase of the “Modern” brand and business on a going concern basis. HUL and Everstone will work together to secure the necessary approvals to complete the transaction over the next few months. HUL will continue to manage the operations until the completion of the transaction.
Sameer Sain, Co-Founder & Managing Partner of the Everstone Group, said: “Modern is a marquee brand which has strong recall and a long standing history. Everstone is committed to making significant investments in not only unlocking the brand’s true potential, but also, once again, managing it as an independent company. We welcome Modern’s employees and partners to the Everstone family.”
HUL’s bread and bakery business consists of a full range of white and sweet breads, health and wellness breads and value added bakery products such as cakes, muffins, buns, pavs, cream rolls under the well-known “Modern” brand name. The business currently has six own operating manufacturing units and a network of franchisees across India.
About the Everstone Group: The Everstone Group is a premier India and South East Asia focused Private Equity and Real Estate investor with over US$ 3 billion of assets under management. Headquartered in Singapore, with offices in Mumbai, Delhi, Bengaluru, and Mauritius, the Everstone Group has been awarded Private Equity Firm of the Year by Private Equity International, for four consecutive years (2011 to 2014). Everstone follows an active and operational investing style and has a history of building large-scale businesses. The group also has several investments in the food and beverages space including, but not limited to, Burger King India, Domino’s Indonesia, and several other restaurant brands.