Grupo Bimbo Acquires Modern Foods
The Indian bread brand has been bought by Mexico’s largest food and bakery company Grupo Bimbo from homegrown private equity fund Everstone Capital, according to Business Today. Everstone had acquired the brand from Hindustan Unilever in 2016. Everstone’s bread and bakery platform Everfoods Asia consists of Modern Bread brand as well as others like Cookie Man.
Modern bread holds around 35 – 40% market share of the Indian bread market, as mentioned in a report in The Economic Times. Modern Foods competes with other bakery brands such as Harvest Gold, English Oven, Nature’s Own, and Britannia.
It has a distribution network of over 80,000 retailers across the country. It had acquired NCR-based Supreme Baker India, before which it had acquired Chennai-based Australian Foods India and Cookie Man brand.
Along with Everfoods, Everstone owns and operates popular brands such as Burger King in India and Indonesia, Domino’s in Indonesia, Farzi Cafe, Pa Pa Ya, Masala Bar, Harry’s, Masala Library, Pind Balluchi, and Duck & Rice.
The Indian bakery industry has been growing at an average rate of 10% since 2015. It is currently valued at USD8bn.