Mexican bakery company Grupo Bimbo has bought Indian bread brand Modern Foods from private equity firm Everstone Capital for an undisclosed sum.
The bread brand was offloaded by Everstone Capital through its bread and bakery platform, Everfoods Asia, to Grupo Bimbo and its Indian subsidiary Ready Roti India.
Established in 1965, Modern Foods is an Indian manufacturer of white, sweet, health and wellness breads, as well as cakes, rusks, creme bites and muffins. Modern Foods operates seven manufacturing units across India, with its products sold through a distribution network covering over 80,000 retailers nationwide.
The deal marks the third time that Modern Foods has changed ownership. Everfoods acquired Modern Foods from Hindustan Unilever back in April 2016, relaunching its iconic bread brand nationwide in June 2017.
According to Everstone, under its leadership, Modern Foods strengthened its geographic coverage, grew its portfolio and expanded from a bread brand to a baked goods company.
Roshini Bakshi, managing director of Everstone Capital Asia, said: “We had a phenomenal experience in rejuvenating the legacy brand of Modern and bringing it to the dining table of consumers again.
“Modern has unlocked its potential through its portfolio expansion and wider reach thereby exhibiting tremendous growth. I wish Grupo Bimbo the best for future and hope they continue to grow bigger and better.”
Earlier this year, Grupo Bimbo’s venture capital arm, Bimbo Ventures, made a minority investment in allergy-friendly snack brand Rule Breaker Snacks.
