By RJ Whitehead ,05-Jul-2013
Private equity investor India Value Fund Advisors has revealed it will invest US$40m to finance the next phase of growth of a domestic food ingredients company – the latest in a line of QSR suppliers to catch the eye of buyout firms.
The sum will be for an undisclosed stake in Vallabhdas Kanji Limited, which manufactures food ingredients and flavorings in India and the Middle East with a strong focus on quick-service restaurants and the processed food industry.
Changes in direction
Until this deal the flagship company of the Kanji Moorarji Group, VKL started operations in 1935 as a whole spice dealer and later expanded into the private label and food ingredients business.
In 2011, it sold off its bulk spices and private label businesses to Olam International in order to focus on valued-added food ingredients, and funds from the IVFA investment will be used to finance VKL’s plans to break entirely clear from its wholesale business.
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