Key Takeaways
- • Advent International has shortlisted Partners Group, ChrysCapital and EQT Group to sell its 96.63% stake in DFM Foods, the maker of Crax snacks, according to people with direct knowledge of the process.
- • ITC and Goldman Sachs are also in contention for the stake, with deal discussions pegging DFM Foods' valuation at ₹4,000 crore to ₹4,200 crore.
- • Balaji Wafers has exited the process, and Britannia, Marico and Lotte are no longer in the fray, with several citing the steep valuation quoted.
- • Advent acquired the stake from WestBridge Capital in 2019 for $118.8 million and delisted the company in January 2023.
- • DFM Foods reported FY26 net sales of ₹916 crore, up from ₹705.8 crore in the prior year, per Tracxn data citing regulatory filings.
Summary
Private equity firm Advent International has shortlisted Partners Group, ChrysCapital and EQT Group to sell its 96.63% stake in DFM Foods, the Rajkot-based... maker of Crax snacks, according to people with direct knowledge of the development, as reported by The Economic Times. Consumer goods company ITC and financial services firm Goldman Sachs are also in contention. Current deal discussions value the company between ₹4,000 crore and ₹4,200 crore. One executive said the first stage of the process has closed and advanced negotiations are underway.
Balaji Wafers, previously a top contender, has exited the process, one person said. Other potential strategic buyers, including Britannia, Marico and Lotte, which Advent had approached, are no longer in the fray, with many citing the steep valuation quoted. Advent, Partners Group and ChrysCapital declined to comment, and emails to ITC, EQT and Goldman Sachs went unanswered at press time.
Advent acquired its stake from WestBridge Capital in 2019 for $118.8 million and delisted the company in January 2023. DFM Foods reported net sales of ₹916 crore in FY26, compared with ₹705.8 crore a year earlier, according to Tracxn data citing regulatory filings. The company, more than four decades old, appointed former PepsiCo senior vice-president Vipul Prakash as chief executive in 2023 to streamline operations, expand into healthier options and strengthen its presence on quick commerce platforms.
The article places the process within broader consumer-sector activity. A senior banking executive described foods and beverages as the largest deal theme in consumer, with Coca-Cola and Haldiram's IPOs expected next year. Recent sector transactions include Temasek, Alpha Wave Global, International Holding Company and L Catterton India's investment in Haldiram Snacks Food at a valuation above $10 billion, Advent's minority stake in Iscon Balaji Foods, and General Atlantic's roughly ₹2,500 crore purchase of a 7% stake in Balaji Wafers. Grant Thornton Bharat reported 127 consumer and retail deals worth $1.92 billion in the July-September quarter.
Balaji Wafers, previously a top contender, has exited the process, one person said. Other potential strategic buyers, including Britannia, Marico and Lotte, which Advent had approached, are no longer in the fray, with many citing the steep valuation quoted. Advent, Partners Group and ChrysCapital declined to comment, and emails to ITC, EQT and Goldman Sachs went unanswered at press time.
Advent acquired its stake from WestBridge Capital in 2019 for $118.8 million and delisted the company in January 2023. DFM Foods reported net sales of ₹916 crore in FY26, compared with ₹705.8 crore a year earlier, according to Tracxn data citing regulatory filings. The company, more than four decades old, appointed former PepsiCo senior vice-president Vipul Prakash as chief executive in 2023 to streamline operations, expand into healthier options and strengthen its presence on quick commerce platforms.
The article places the process within broader consumer-sector activity. A senior banking executive described foods and beverages as the largest deal theme in consumer, with Coca-Cola and Haldiram's IPOs expected next year. Recent sector transactions include Temasek, Alpha Wave Global, International Holding Company and L Catterton India's investment in Haldiram Snacks Food at a valuation above $10 billion, Advent's minority stake in Iscon Balaji Foods, and General Atlantic's roughly ₹2,500 crore purchase of a 7% stake in Balaji Wafers. Grant Thornton Bharat reported 127 consumer and retail deals worth $1.92 billion in the July-September quarter.
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