Global consumer-focused investment firm L Catterton on Thursday announced a strategic partnership and investment in India’s largest ethnic snacks company Haldiram’s. The consumer-focused investment firm backed by former HUL chairman Sanjiv Mehta, will enable Haldiram’s to tap into L Catterton’s consumer sector expertise and industry network, local talent and relationships, it said in a statement. Earlier this year, private equity giants Temasek, Alpha Wave Global and International Holding Company had acquired more than 10% stake in Haldiram’s at a valuation of over $10 billion.
“The collaboration aims to fortify Haldiram’s market leadership in the country and accelerate its international expansion on the back of its robust fundamentals, brand equity, and growth potential,” the firm added in the media statement.
Haldiram’s and L Catterton did not disclose the size of the investment.
Mehta said the partnership “will enable further growth in India’s evolving and flourishing consumer market, as well as galvanise Haldiram’s internationalisation.”
L Catterton’s other investments in the consumer space include Farmley, Ferrara Candy Company, Kettle Foods, Little Moons and Plum Organics, among others. The firm manages approximately $39 billion of equity capital across private equity, credit, and real estate, it said.
The New Delhi and Nagpur factions of the Haldiram’s promoter Agarwal family have merged through a National Company Law Tribunal-approved process, after the Competition Commission of India (CCI) approved their merger plan in April last year. The development is widely seen as a precursor to a public listing. The Haldiram Group’s restaurant business, however, was hived off and not part of the transaction.
According to market research company Imarc Group, the domestic snacks market stood at Rs 42,694.9 crore in 2023, and was expected to more-than-double to Rs 95,521.8 crore by 2032.
