July 3, 2018
Everfoods, controlled by the Everstone group, has entered into an agreement to acquire Cookie Man (Australian Foods India Private Limited), a leading brand of fresh baked cookies, via its subsidiary Modern Food Enterprises Pvt. Ltd. (MFEL) for an unspecified amount.
Anupam Saluja, CEO, Cookie Man, and the current leadership team will continue to work with the Modern and Everstone leadership, Everfoods said in a statement.
Chennai-headquartered Cookie Man is a manufacturer and retailer of Australian cookies and bakery products such as muffins, ice creams, brownies, chocolates. It currently has a network of 50 plus stores/kiosks in leading malls and airports present in over 20 cities across India.
Everfoods will get exclusive rights to own and operate the brand not only in India but also in Sri Lanka, Nepal, Bangladesh and Mauritius.
Deep Mishra, MD, Everstone Group, said “Cookies are the fastest growing segment in the biscuits category, and the segment is expected to continue to grow at double digit rate in the coming years. Cookie Man, with its premium and authentic cookies positioning and an extremely strong equity base, is a good fit for Everfoods and especially Modern. This is the first of many acquisitions in core and adjacent spaces that we are evaluating and looking to close,” he added.
Previously, Everstone group via Everfoods completed the acquisition of ‘Modern’ brand from Hindustan Unilever Limited (HUL) in 2016 and has also built a state-of-the-art R&D facility in Chennai.
Established in 1965 by the Government of India, Modern Foods was the first branded bread in India. In decades that followed, Modern became one of India’s most popular brands with a full range of white, sweet, health and wellness breads, as well as value-added bakery products such as rusks, cakes, muffins, buns, pavs and cream rolls.
Modern Food’s bread and bakery products are manufactured and marketed nationally through a network of over 40 manufacturing plants and more than 80,000 outlets.