Cremica eyes fundraise as investor plans exit
₹500 crore from fresh investors as it plans to enter new categories as well as allow early investors to exit. Private equity firm Rabo Equity Advisors, which was the investment advisors for India Agri Business Fund II acquired a minority stake in Cremica for $15 million in June 2016. In 2022, Rabo Equity Advisors—where the Dutch lender Rabo Bank held stake—sold its partnership in India Agri Business Fund to advisory firm Kroll Inc's asset management unit.
An email seeking comments from Kroll did not elicit a response. The ongoing fundraise in Cremica will provide an exit to Kroll and several of India Agri Business Fund limited partners, who are largely foreign development finance institutions. The company has appointed an investment banker to run the mandate, said people familiar with the fundraise.
"A few investors are in talks," one person familiar with the deal said, asking to remain anonymous. Cremica Foods Industries is run by Akshay Bector, chairman and managing director. The Bector family also operates Mrs Bectors Food Specialities Ltd, founded by Akshay ’s mother Rajni Bector.
However, in 2013 the family, including the three Bector brothers, agreed on a settlement in which the biscuit and bakery business was demerged from the condiments business. Mrs Bectors Food Specialties Ltd (bakery) is run by Anoop Bector, while Cremica Foods (condiments) is run by Akshay Bector. In December 2020, Mrs Bectors Food Specialities Ltd hit the stock markets.
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