BanyanTree Growth Capital, a private equity fund that holds ownership of the food and beverage brand Nirula’s, has recently completed the acquisition of the confectionary chain ‘Angels in My Kitchen’ for an undisclosed amount.
The company opted not to disclose the financial specifics of the deal.
Commenting on the acquisition, Sumedha Singhal, director, Nirula’s and a member at BanyanTree Growth Capital said, “Nirula’s sells icecreams, pizzas, and burgers. Angels is a bakery and confectionery brand. They are both different genres of food. Additionally, Icecream is the bulk of Nirula’s business and is a Holi to Diwali business, while Angels, a confectionary brand, is a Diwali to Holi business. So, the seasonality evens out and complements each other well.”
Established in 2003 in Delhi by Bijoy Majhi and Bhupesh Kumar Jain, Angels currently operates 20 outlets throughout the Delhi-NCR region.
When inquiring about the founders’ role in the company after the acquisition, Singhal mentioned that the existing owners will remain integral to the organization.
Discussing their upcoming strategies, she revealed that the company intends to launch an additional 30 Angels stores by the end of the fiscal year. In addition to standalone locations, the private equity firm also envisions establishing co-branded stores featuring both Angels and Nirula’s. They have recently inaugurated the first co-branded outlet in M Block, GK-II, as well as in Qutub Plaza.
When discussing upcoming deals in the pipeline for BanyanTree Growth, Singhal emphasized that the fund is actively seeking opportunities in the SME sector and in tier 2 and tier 3 cities.
“BanyanTree typically gets excited by companies on a growth trajectory with positive cash flow that has been bootstrapped by the entrepreneur and they are the first outside investor,” she added.