Adani Wilmar to acquire GD Foods, parent company of Tops

Adani Wilmar (AWL), an Food FMCG company, announced the signing of a definitive agreement to acquire G.D. Foods Manufacturing (India). The acquisition will be executed in multiple tranches, with 80% of the shares to be acquired in the first tranche, and the remaining 20% to be acquired over the next three years. In FY’24, GD Foods achieved a revenue of Rs. 386 crores, growing at a 3-year CAGR of 15%, and recorded an EBITDA of INR 32 crores. 

This acquisition offers a strategic advantage by expanding our portfolio with a broad range of value-added food products.

Founded in 1984, GD Foods' brand "Tops" has been a household name in North India for 40 years. It offers products across categories like ketchup, sauces, jams, pickles, noodles, instant mixes, cereals, and cooking essentials. Headquartered in Delhi, the company operates mainly in seven North Indian states with a retail presence in over 150,000 outlets. It has in-house manufacturing facilities at three locations.

Commenting on the acquisition, Angshu Mallick, MD and CEO of Adani Wilmar, said, “As the market evolves, there is a clear need for trusted national food FMCG brands to deliver high-quality, affordable products that fulfill the essential needs of Indian kitchens. Delivering on this requires best-in-class manufacturing operations and a broad distribution reach, both of which are key strengths of AWL. The acquisition of GD Foods aligns with our vision and will significantly enlarge AWL’s offerings to meet the evolving needs of Indian households. With 8 new product categories added to our portfolio, we are laying a strong foundation to build a formidable presence in the value-added products market over time.”

The “Tops” brand is amongst the top 3 players in the tomato ketchup and pickles category. Adani Wilmar will further invest in the brand and significantly increase the distribution reach of all its products. This acquisition will lead to the significant addition of the margin-accretive products in our portfolio. 

Nitin Seth, vice chairman of GD Foods commented, “We are delighted to see ‘Tops’ become a part of AWL. For the past 40 years, we have remained committed to understand and meet the needs of Indian households through innovative products. Now, with AWL’s strength behind us, ‘Tops’ products will reach a much larger number of homes. We are confident that AWL will continue to delight customers and unlock the true potential of the brand.”

The acquisition is subject to meeting customary closing conditions, with the first tranche expected to close in 60 days. The transaction will be funded by internal accruals or IPO proceeds.

For AWL, the transaction was supported by KPMG India Corporate Finance as financial advisor, PricewaterhouseCoopers Services LLP as the due diligence advisor, and Cyril Amarchand Mangaldas as legal counsel. For GD Foods, Equirus Capital acted as financial advisor and J Sagar Associates as legal advisor.