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Mexican bakery company Grupo Bimbo and its Indian subsidiary Ready Roti India have acquired Indian bread brand Modern Foods for an undisclosed sum from private equity firm Everstone Capital.
The bread brand was offloaded by Everstone Capital offloaded Modern Foods through its bread and bakery platform, Everfoods Asia.
It was acquired by Everfoods from Hindustan Unilever in April 2016, relaunching its iconic bread brand nationwide in June 2017.
The ownership of Modern Foods has now changed for the third time.
Modern Foods manufactures white, health and wellness, and sweetbreads, as well as cakes, creme bites, rusks, and muffins, which it sells through a distribution network covering over 80,000 retailers throughout India.
Established in 1965, Modern Foods operates seven manufacturing units across India,
Everstone claims that under its leadership, Modern Foods not only strengthened its geographic coverage but also expanded its portfolio from being a bread brand to a baked goods company.
According to Roshini Bakshi, managing director of Everstone Capital Asia, they have rejuvenated the legacy Modern brand.
Grupo Bimbo, through its venture capital arm, Bimbo Ventures, made a minority investment in allergy-friendly snack brand Rule Breaker Snacks.
