Decades-old spices and condiments businesses are in demand and investors, from private equity to venture capital, want a taste.
There were bids from the who’s who of global investment firms.
At the top of the list were The Carlyle Group, KKR & Co. and TA Associates, as well as Norwegian food company Orkla Foods. The target was Kolkata-based spice and condiments company Sunrise Foods—a business almost seven decades old, owned by a bunch of family members who wanted to call it quits and pursue their individual ambitions.
The process went on for months, coordinated by investment bank JM Financial. And about a couple of months ago, the Indian conglomerate ITC Group took Sunrise home. The valuation hasn’t been disclosed …
Harveen is a co-founder at The Morning Context, and leads our Internet coverage, overseeing a team of reporters writing on startups and tech. She has previously worked as a media, consumer and tech reporter at The Ken and Mint. At The Morning Context, she writes on startups, venture capital, consumer and media businesses—from e-commerce to healthtech to streaming.
Editor, Internet
harveen@mailtmc.com
Mumbai