Bahrain-based investment firm Investcorp is exploring an exit from its investment in the parent entity of Kerala-based Kitchen Treasures, targeting a valuation of ₹800-1,000 crore. According to reports from Mint, the company holds a sub-25% stake and is now looking to exit its seven-year-old investment in the food and spice brand. The deal is expected to formally launch early next year after the company begins engaging with advisors. As per Mint reports, the transaction is likely to involve a secondary sale by existing investor Investcorp, with the possibility of a primary component if the company seeks external capital for acquisitions.
If the deal proceeds as planned, it would mark a complete exit for Investcorp, which invested approximately ₹80 crore in 2019. The transaction is likely to involve a secondary sale by existing investor Investcorp, with the possibility of a primary component if the company seeks external capital for acquisitions. The company is owned by the Synthite Group through its subsidiary Intergrow Brands, with Investcorp declining to comment on market speculation. According to Mint reports, the deal is expected to formally launch early next year after the company begins engaging with advisors.
The packaged food segment is experiencing heightened investor interest, with several potential transactions emerging in India's market. According to Mint reports, Pune-based Nilon's is exploring a majority stake sale at a valuation of ₹800-1,200 crore, while JM Financial-backed Zoff Foods is exploring a minority stake sale to raise growth capital at a valuation of ₹1,000 crore. India's $100 billion packaged food and beverage market is projected to expand to about $150 billion by 2030, driven by changing consumer values, urban lifestyles, and the rise of quick commerce. As per estimates from market research firm Redseer, growth is being driven by changing consumer values, urban lifestyles and the rise of quick commerce, which are reshaping what Indians eat and where they buy it.
With a legacy spanning over five decades, Synthite is among the world's largest producers of value-added spices, with a presence in more than 12 countries and a portfolio turnover of ₹3,000 crore. Kitchen Treasures, launched in 2013, serves both business-to-consumer and HORECA segments, known for its range of spices, masalas, pickles, and other products made with fresh ingredients. In FY25, Intergrow reported operating revenue of ₹219.52 crore compared with ₹234.7 crore a year earlier, with net profit narrowing to ₹1.37 crore from ₹11.3 crore in FY24. Ashok Mani heads Intergrow Foods and Beverages as its managing director and chief executive, under which the Kitchen Treasures brand is marketed. Mani belongs to the third generation of the family and is the son of Synthite group finance director Mani Varghese, who is the son-in-law of the group's founder-chairman, CV Jacob.
