Grupo Bimbo SAB de CV acquired Modern Food Enterprises Private Ltd. from Everstone Capital.

Everfoods Asia, the bread and bakery platform of Private Equity firm Everstone Capital, has sold Modern Food Enterprises Pvt Ltd to Grupo Bimbo SAB de CV’s India subsidiary Ready Roti India Private Ltd. Financial details regarding the sales process of Modern Food, which produces bread and bakery products in 7 factories in India and has more than 80,000 sales points, have not been disclosed. Modern Foods, one of the leading brands of the Indian bakery industry, was founded by the Indian government in 1965 as Modern Patisseries. It was restructured as Modern Foods in 1982 and continued its production life. Modern Foods was privatized by being sold to Unilever in 2000. Everstone Capital acquired Modern Foods in 2016. The company produces bakery products with added value such as sweets, rusks, cakes, muffins, donuts, pav and cream as well as bread types. The products of the company, which has a sales network of more than 80 thousand, are marketed throughout the country. Operating in 33 countries, including India, Grupo Bimbo, the world's largest bakery company with a portfolio of 13,000 products and more than 100 famous brands, bought Modern from Unilever in 2016. “We had a phenomenal experience in rejuvenating the legacy brand of Modern and bringing it to the dining table of consumers again,” said Roshini Bakshi, Managing Director of Everstone Capital Asia. “Modern has unlocked its potential through its portfolio expansion and wider reach thereby exhibiting tremendous growth. I wish Grupo Bimbo the best for future and hope they continue to grow bigger and better.”