EQT Partners has officially withdrawn its proposal to acquire Theobroma, according to ET Now sources. With this development, ChrysCapital is now the only contender left in the race to buy the popular bakery chain.
Theobroma’s Journey:
Theobroma, founded by sisters Kainaz Messman Harchandrai and Tina Messman Wykes in 2004, started as a modest one-room bakery and has since grown into a national chain with 225 outlets across India. The chain is renowned for its premium baked goods and loyal customer base.
- The Founding Story:
Kainaz Messman, a pastry chef trained at Le Cordon Bleu, envisioned Theobroma after a back injury ended her tenure at Oberoi Udaivilas. The sisters drew on their baking expertise and family support, with an initial capital of ₹1.5 crore from their father. - Potential Landmark Sale:
Theobroma’s acquisition could mark India’s largest cash exit in the food services sector. This milestone would be a testament to the entrepreneurial vision of the Messman sisters, who turned a home-grown bakery into a household name.
Current Status:
While EQT Partners’ exit narrows the field, ChrysCapital’s bid holds promise for the bakery chain’s continued growth and potential expansion. Further updates on the acquisition are awaited.
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