Spices get their moment in the sun

Decades-old spices and condiments businesses are in demand and investors, from private equity to venture capital, want a taste.

Harveen Ahluwalia

Mumbai

14 July 2020

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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 but the ballpark figure is upwards of Rs 2,000 crore.

Sunrise Foods is not an isolated example where investors emerged in flocks to buy a regional business like this. Between

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