Everstone Capital reported that its bread and bakery platform Everfoods Asia, has sold Modern Food Enterprises Private Limited to Grupo Bimbo S.A.B. DE C.V. and its Indian subsidiary Ready Roti India Private Limited. It is the largest baking company in the world, operating in 33 countries, including India, and has a diversified portfolio of over 13,000 products and more than 100 renowned brands. The financial details of the transaction were not disclosed.

The company acquired the brand from Hindustan Unilever Limited In April 2016 and re-launched the iconic bread brand in June 2017 nationwide. The relaunch was crafted with intensive efforts and significant investments in manufacturing, research and development at the brand’s innovation hub in Chennai, coupled with thorough work on consumer insights, strategy and design.

The brand has built a strong leadership position in every market it operates through a distribution network which covers 80,000 plus retailers across the country, expanded the brand from bread to a baked good company with multiple new products and operates seven manufacturing units across the country.

Roshini Bakshi, managing director, Everstone Capital Asia, said, “We had a phenomenal experience in rejuvenating the legacy brand of Modern and bringing it to the dining table of consumers again. Modern has unlocked its potential through its portfolio expansion and wider reach thereby exhibiting tremendous growth. I wish Grupo Bimbo the best for future and hope they continue to grow bigger and better.”

It is a brand with a pan-India presence in the bread and bakery segment. The company identified the major opportunities that the brand offered and helped strengthen its geographic coverage, expand the portfolio, and extend the brand to adjacent and newer categories, both organically and via acquisitions.

Investec acted as a sole financial advisor to the company and the brand on the transaction.