Global private equity firm L Catterton on Thursday announced an undisclosed investment in Haldiram’s, a leading packaged food company in India, according to a statement.
The PE firm also entered into a strategic partnership with the snack food firm to strengthen its leadership position in the domestic market while accelerating its international expansion.
Financial details of the transaction were not disclosed.
Earlier this year, Haldiram’s had also attracted investments from Singapore state investor Temasek, Alpha Wave Global and Abu Dhabi-based International Holding Company (IHC), all of which acquired minority stakes in the company.
As part of the latest collaboration, Haldiram’s will gain access to L Catterton’s global expertise in the consumer sector, operational capabilities and extensive industry network, along with local talent, insights and relationships. This is expected to further enhance the company’s ability to scale both in India and overseas, the statement added.
Founded in 1937, Haldiram’s, known for its popular fried snack ‘bhujia’ and a wide range of other packaged snacks and sweets. With the new investment, the company will focus on brand building, new products, supply chain and distribution optimisation, geographic expansion, and talent development. According to earlier reports, Haldiram’s is targeting expansion in key international markets, including the US and the Middle East.
The partnership will also enable Haldiram’s to benefit from L Catterton’s leadership in India.
Haldiram’s competes with Bikanervala, Bikaji Foods, and PepsiCo, among others, in India.
“Haldiram’s is an iconic Indian brand that resonates across the country as the undisputed leader in the ethnic snacks category and has significant potential to become a global brand in the packaged snacks space. We are delighted to back Haldiram’s and drive further growth in India’s evolving and flourishing consumer market, as well as galvanise its internationalisation,” said Sanjiv Mehta, Executive Chairman of L Catterton India.
L Catterton has significant experience in building brands in the packaged food space across the world. Current and past investments in the space include Cholula Hot Sauce, Farmley, Ferrara Candy Company, Goodles, Kettle Foods, Kodiak, Little Moons, NotCo, Planted, and Plum Organics.
In October, L Catterton also invested in Healing Hands Clinic, which claims to be the largest proctology-focused specialist clinic chain in India.
