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Tuesday, November 26, 2024

Del Monte Foods merges with Agro tech Foods in INR 1,300 Cr deal

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Agro Tech Foods Limited (ATFL), backed by Samara Capital and Convergent Finance, has acquired Del Monte Foods Private Limited (DMFPL) in a INR 1,300 crore deal. 

DMFPL, a joint venture between Bharti Group and Del Monte Pacific Limited, operates in India’s packaged food and edible oils sectors.

AFTL gains licence over Del Monte in India

With this acquisition, ATFL gains an exclusive licence for the Del Monte brand in India and expands its portfolio with established products like juice, olive oil, pasta, mayonnaise, ketchup, and canned fruits. ATFL, known for ACT II popcorn and Sundrop edible oil, will rebrand as Sundrop Brands, ET reported.

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Meanwhile, Asheesh Kumar Sharma, CEO and Executive Director, ATFL, stated, “We intend to deliver maximum value to all stakeholders through our mission of creating innovative and convenient food solutions for the modern consumer.”

Further, Harjeet Kohli, Joint Managing Director of Bharti Enterprises, added, “Leveraging significant synergies on the back of a profitable business model, this transaction is set to bolster the scale and margin profile of the platform, potentially accelerating shareholder returns and offering a more diverse portfolio of products.”

Nitish Bajaj from Piramal joins as MD in AFTL

The acquisition grants ATFL access to Del Monte’s manufacturing and R&D facilities in Hosur and Ludhiana. Nitish Bajaj, with experience at Piramal, CEAT Tyres, Reckitt Benckiser, Ranbaxy Global Consumer Healthcare, and Heinz India, joins as Group Managing Director.

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This strategic move strengthens ATFL’s position in the Indian food market, enhancing its capabilities and product offerings. Bharti Group and Del Monte Pacific will receive ATFL shares, becoming public shareholders post-transaction.

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