ChrysCapital Buys Theobroma in ₹2,410 Cr Bakery Deal

In a significant step forward for India’s rapidly growing food and beverage sector, ChrysCapital has acquired 90% of Theobroma Foods, a premium bakery chain, for ₹2,410 crore. The private equity company, an investor in Indian companies, acquired close to 90% of the brand, including ICICI Venture‘s stake.

Theobroma is a well-known bakery brand founded in 2004 by sisters Tina and Kainaz Messman, known for its brownies and other desserts. ICICI Venture originally bought a 42% stake in 2017 for $20 million and exited as part of the transaction.

Besides ChrysCapital, other contenders showed interest in Theobrama, which includes Carlyle, Bain Capital, and the Khorakiwala family-owned Switz Group.

Negotiations initially valued the company near ₹3,000 crore, but were halted earlier this year. When negotiations resumed, the valuation was lower. However, industry sources say a completed deal, even at a small discount, is a good signal for India’s café and casual dining sector. 

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The acquisition of Theobroma is a strong signal for the brand’s appetite for homegrown food brands with national reach and brand loyal customers.