“We have acquired a total of 89 outlets as part of this deal. We plan to expand the coffee chain and ice cream business,” CEO of Haldiram Bhujiawala said.
Everstone Capital apparently held around 89 percent stake in Pan India Food Solutions, which works under the brand Blue Foods, as of January this year. Now, as per a report in The Economic Times, Haldiram Bhujiawala has obtained a larger part stake in Pan India Food Solutions Pvt. Ltd from private value firm Everstone Capital in a Rs 100-crore deal.
As a feature of the exchange, Haldiram has procured establishment of The Coffee Bean and Tea Leaf India and ice-cream parlor Gelato Italiano. Container India Food additionally claims brands like Spaghetti Kitchen, Spoon and Foodtalk, and a portion of these, as well, were a piece of the arrangement, the report included.
Haldiram Bhujiawala’s chief executive, Manish Agarwal was quoted saying, “We have acquired a total of 89 outlets as part of this deal. We plan to expand the coffee chain and ice cream business.” However, he declined to reveal the financial details of the transaction.
US-based The Coffee Bean and Tea Leaf opened its first outlet in quite a while in 2008. In its home market, it works around 1,000 outlets. Skillet India Food has not been performing great, and inferable from mounting misfortunes Everstone needed to downsize development plans, and shut down a couple of outlets of the espresso chain and Spaghetti Kitchen in the course of recent years, the report said. Dish India’s united net deals remained at Rs 50.3 crore in FY18 as against Rs 111.88 crore in the earlier year.
Prior this year, Pan India Food likewise sold casual dining brand Bombay Blue to Yellow Tie Hospitality Management LLP, a food and refreshment establishment the management organization, for an undisclosed sum.
Stay tuned for more updates.