ChrysCapital to acquire bakery chain Theobroma in Rs. 2,410-crore deal

ChrysCapital is set to pick up a 90% stake in Theobroma in a deal estimated at Rs. 2,410 crore, as reported by Economic Times. The private equity firm will acquire shares from the bakery chain’s promoters and ICICI Venture, which currently holds a significant stake.

Founded in 2004 with a single store in Mumbai’s Colaba, Theobroma has since expanded to 200 outlets across 30 cities in India. According to reports, the promoters are likely to retain a 10% stake, while ICICI Venture, holding 42% since its Rs. 130 crore investment in 2017 will exit completely. The deal value is understood to have been revised down from an earlier expectation of Rs. 3,000 crore.

Before ChrysCapital re-entered talks with Theobroma, several firms including Bain Capital, Carlyle, and Switz Group, the owner of Monginis, had reportedly explored a potential deal.

The move is part of ChrysCapital’s strategy to build a quick-service restaurant (QSR) platform in India. Alongside Theobroma, the firm is also said to be evaluating other acquisitions such as The Belgian Waffle to strengthen its presence in the segment.