ChrysCapital has a Rs 3500 crore craving for Theobroma & Belgian Waffle, plans to create investment platform combining brands
ChrysCapital is looking to create an investment platform as it closes in on at least two bakery-patisserie and dessert chains, Theobroma Foods and Belgian Waffle Co., at a combined valuation of around Rs 3,200-3,500 crore, said people aware of the development. It has a 60-day window to submit a binding offer for Theobroma and is aiming to finalise the terms of acquisition of Bloombay Enterprises, which owns and runs Belgian Waffle, for around Rs 1,000 crore in the next 30 days, said the people cited above. Bloombay is owned by husband-and-wife founders Shrey and Alisha Aggarwal and investor Marathon Edge Partners, which holds a 22% stake.
Final Rounds of Diligence
ChrysCapital, which is seeking to raise $2-2.2 billion for its tenth fund—its largest till date—is competing with EQT Partners for the Theobroma buyout and is in the final rounds of diligence. ChrysCapital returned over $7 billion from 80 exits and deployed $4.5 billion in over 100 investments.
Former Bain executive Nikhil Raghavan runs the technology and consumer focussed small and mid-market fund Marathon Edge Partners.
Theobroma's single largest shareholder, private equity fund ICICI Venture, had mandated Arpwood to find a buyer in January. It holds a 42% stake in the 20-year-old patisserie chain. A 51% bloc is with the founding Messman family, divided equally among four members. Employees and senior management hold the remaining 6-7%. All are expected to exit, depending on the final valuation.
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