Haldiram's promoters now offer a smaller bite to investors
Subscribe to enjoy similar stories. The promoters of Haldiram Snacks Food Pvt Ltd. are now looking to offload 10-15% stake against the initial plan to sell a majority holding in India’s largest snack-maker that has drawn interest from top global investors, said three people with the knowledge of the development.
Private equity firms Bain Capital, Blackstone and Temasek Holdings are evaluating the deal, the people said on the condition of anonymity. “The family does not want to sell a controlling stake anymore. It is most likely now a minority deal," said one of the persons quoted above.
“It is a well-run business that is profitable and generates a lot of cash. This (minority deal) makes more sense now." Mint first reported in May on Bain, Blackstone and Temasek showing interest in picking a controlling stake in Haldiram, the parent of namesake snacks and savoury brand Haldiram’s. At the time, the firms were looking at acquiring 51%, valuing it at $8-10 billion.
Global consulting firm PwC India is advising the families on the deal. The investors are chasing to own a slice of India’s growing snacks market that is estimated to double in size to ₹95,521.8 crore by 2032. “The firms have got access to the data room of the company and the due diligence is currently on," the second person said.
Emailed queries to spokespersons of Haldiram Snacks Food, Bain Capital, and Blackstone did not elicit any response. A Temasek spokesperson declined to comment. Earlier, Blackstone was looking to team up with GIC and Abu Dhabi Investment Authority or ADIA for the controlling stake.
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