Funds suggested by Convergent Finance LLP (‘Convergent’) and main non-public fairness agency Samara Capital (‘Samara’), have collectively introduced the signing of definitive paperwork for the oblique acquisition of a 51.8% stake in Agro Tech Foods Limited (‘ATFL’) from a subsidiary of Conagra Brands, Inc. (‘Conagra’).
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Funds Advised by Convergent Finance and Samara Capital to Acquire 51.8% in Agro Tech Foods from Conagra Brands
ATFL’s shares are listed on the Bombay Stock Exchange and the National Stock Exchange. Convergent and Samara’s acquisition of the 51.8% stake will set off a compulsory open provide for up to a further 26.0% of the excellent shares in accordance with relevant rules. The transaction is anticipated to shut publish the completion of customary regulatory approvals.
Conagra grew to become a controlling shareholder of ATFL in 2011, after which ATFL accelerated the expansion of its meals portfolio, together with ACT II popcorn and Sundrop edible oils. These two iconic manufacturers are leaders in their respective classes, and provide a basket of merchandise for each in-home and out-of-home consumption. ATFL will proceed to license the ACT II model from Conagra to be used in India.
Harsha Raghavan, Managing Partner at Convergent Finance, mentioned, “Agro Tech Foods’ category-defining brands have been beloved household names for the past three decades, thanks to the company’s relentless focus on quality, innovation, and customer delight. As India’s rapidly-growing consumer class expands and discretionary income levels continue to rise, we will expand ATFL’s distribution reach and product range, thereby transforming it into the country’s leading packaged and snack food platform.”
Manish Mehta, Managing Director and Co-Chief Investment Officer at Samara Capital mentioned, “We are delighted to lead the acquisition of a majority stake in ATFL in partnership with Convergent. The company’s brands have high recall value with India’s consumers, and we aim to complement this hard-earned recognition with our knowledge of India’s food and consumer sectors to increase ATFL’s presence in fast-growing, high-margin categories. We intend to create a large and unique branded food platform in the country with this acquisition.”
About Convergent Finance LLP
Convergent Finance LLP is an funding administration and advisory partnership on the forefront of bringing collectively Ideas, Capital, and passionate Entrepreneurs. The Convergent funding course of entails figuring out proprietary platform and bolt-on alternatives, pace of execution, and a relentless give attention to efficiency enchancment. The Convergent worth investing strategy believes in paying honest and cheap valuations by bilaterally negotiated transactions.
About Samara Capital
Founded in 2007, Samara Capital is considered one of India’s main mid-market non-public fairness corporations that invests in rising companions with entrepreneurs and administration groups to assist companies obtain their true potential, thereby creating long run worth for all stakeholders. Samara’s funding technique believes that specializing in enter metrics and culture-building leads to sustainable and scalable enterprise efficiency. Consumer and Retail is likely one of the largest focus areas for the agency. Samara has finished a number of platform buildouts to create market leaders in sectors reminiscent of Consumer and retail, enterprise companies and healthcare.
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), headquartered in Chicago, is considered one of North America’s main branded meals firms. Guided by an entrepreneurial spirit, Conagra Brands combines a wealthy heritage of creating nice meals with a sharpened give attention to innovation. The firm’s portfolio is evolving to fulfill folks’s altering meals preferences. Conagra’s iconic manufacturers, reminiscent of ACT II®, Birds Eye®, Duncan Hines®, Healthy Choice®, Marie Callender’s®, Reddi-wip®, and Slim Jim®, in addition to rising manufacturers, together with Angie’s® BOOMCHICKAPOP®, Duke’s®, Earth Balance®, Gardein®, and Frontera®, provide decisions for each event.
For extra data, go to www.conagrabrands.com.
