New York-based alternative investment firm Blackstone has reportedly set its sights on acquiring a 20% stake in Haldiram’s, the Indian multinational renowned for its snacks, sweets, and restaurant chain which is currently valued at $8 billion. The potential deal was disclosed through a report by Reuters.
London-based global business intelligence firm Euromonitor International estimates that Haldiram’s commands nearly 13% of India’s $6.2 billion savory snacks market. The company also operates over 150 restaurants, making it a prominent player in the food industry – attracting global private equity investors, including Boston-based Bain Capital, Singapore’s Temasek Holdings, and UAE’s Abu Dhabi Investment Authority (ADIA).
As reported by Reuters in May, Blackstone had expressed interest in acquiring a majority stake of 75% in Haldiram’s and made a non-binding bid. However, the talks ultimately failed as the snacks giant was reluctant to sell such a large share of its business.
JOIN US TO STAY UPDATED ON YOUR FAVORITE MESSENGER APP!
Although Blackstone is eager to acquire a 20% stake in Haldiram’s at a valuation of $8 billion, there is a significant gap in valuation, as the snacks giant values itself at $12 billion. Two sources told Reuters.
ⓘ Interesting Read: Startup Glossary – 40+ Startup Terms Every Startup Founder & Entrepreneur Should Know
As per the third source, Blackstone remains keen to deploy capital into Haldiram’s seeking between 15% to 20% of the business.
According to a third source, Blackstone continues to express strong interest in investing in Haldiram’s, with the firm seeking to acquire a stake of between 15 and 20% of the company as part of its strategic expansion into the Indian food sector.
It is worth noting that Bain Capital, Temasek, and ADIA are also vying for a minority stake in Haldiram’s, though no clear plans have been disclosed as of yet.
According to a Reuters report, last year, India’s Tata Group was in negotiations to acquire a majority stake in Haldiram’s entire snacks and restaurant business. At the time, Haldiram’s sought a valuation of $10 billion, but the talks ultimately fell through, and there are no ongoing discussions regarding a Tata deal.
ⓘ As part of our ongoing support for startups and SMEs, LAFFAZ Media publishes feature and resource articles that may include references and links to external websites. These inclusions are selected at our editorial discretion to provide valuable information to our readers. LAFFAZ Media does not control, endorse, or assume responsibility for the content or practices of external websites. For more details, please refer to our Terms and Conditions.
