22.1 C
New Delhi
Wednesday, November 13, 2024

Convergent Finance LLP and Samara Capital to acquire 51.8% stake in Agro Tech Foods for $78 Million

Published:

Convergent Finance LLP and the private equity firm Samara Capital are set to collaboratively purchase a majority stake of 51.8% in Agro Tech Foods Limited from Conagra Brands, Inc. for $78 million (INR 650 crore).

The funds will pay another $44 mn (INR 360 cr) for the additional 26% of the outstanding shares through mandatory open offer.

Conagra holds a controlling stake in ATFL, a company renowned for marketing popular brands such as ACT II popcorn and Sundrop edible oil.

Continue Exploring: Tata Consumer Products approves INR 6,500 Crore fundraising for Capital Foods and Organic India acquisitions

As of Thursday, ATFL boasts a market capitalization of INR 2431 crore. ATFL’s shares concluded at INR 997.85, marking a 3.5% increase on the BSE.

ATFL will continue to license the ACT II brand from Conagra for use in India.

“As India’s rapidly-growing consumer class expands and discretionary income levels continue to rise, we will expand ATFL’s distribution reach and product range, thereby transforming it into the country’s leading packaged and snack food platform,” said Harsha Raghavan, Managing Partner at Convergent Finance.

“We are delighted to lead the acquisition of a majority stake in ATFL. We intend to create a large and unique branded food platform in the country with this acquisition,” said Manish Mehta, Managing Director and Co-Chief Investment Officer at Samara Capital.

Chicago-headquartered Conagra Brands, Inc. stands as one of North America’s leading branded food companies.

Continue Exploring: PepsiCo’s key bottler Varun Beverages acquires South Africa-based Bevco for INR 1,320 Crore

SnackTeam
SnackTeamhttps://snackfax.com
SnackTeam is a specialised group of editorial staff motivated to improve the lives of individuals and society. The team intends to bring the most authentic, well-researched and dependable content for you and your loved ones every day.
Subscribe to our Newsletter!

Stay updated on the latest news, trends, and top startups with Snackfax's daily newsletter!

Related articles

Recent articles

× Drop a, Hi?