Fair trade regulator Competition Commission on Tuesday cleared homegrown private equity major ChrysCapital's proposal to acquire a majority stake in Mumbai-based bakery chain Theobroma.
ChrysCapital is acquiring the stake in Theobroma through its affiliates, Infinity Partners, Aqua Investments Ltd and Atreides Investments BV.
"The proposed combination relates to the acquisition of certain equity shareholding of Theobroma Foods Pvt. (Theobroma) by Infinity Partners, Aqua Investments Limited and Atreides Investments BV," the Competition Commission of India said in a release.
Theobroma is engaged in the business of manufacturing and sale of bakery and confectionery products, food and beverages through its patisseries and stores present in over 30 cities in India and via its online platform and other online sales channels.
"CCI approves acquisition of certain equity shareholding of Theobroma Foods Pvt Ltd by Infinity Partners, Aqua Investments Ltd and Atreides Investments BV," the regulator said in a post on X.
According to reports, ChrysCapital is set to acquire a 90% stake in Theobroma Foods for an estimated Rs 2,410 crore.
ChrysCapital signed a deal to acquire a majority stake in Theobroma from its promoters and the current existing investor ICICI Venture, as per reports. However, the founders will retain around 10 per cent holding in the company.
ICICI Venture owns nearly a 42% stake in Theobroma. It had invested nearly $20 million in 2017.
Theobroma was founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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