ChrysCapital has agreed to acquire pan-India bakery chain Theobroma Foods for ₹2,410 crore, purchasing around 90% stake from promoters and existing investor ICICI Venture. The promoters will retain approximately 10% ownership.
The deal, concluded at a lower valuation than the original ₹3,000 crore ask, resumed after negotiations stalled due to weak financial results. ICICI Venture, which holds 42% stake after investing $20 million in 2017, will exit through this transaction.
Industry observers view this as a precedent for reviving high-value transactions in the dining and cafes sector. Other initial contenders included Bain Capital, Carlyle, and Switz Group. Arpwood Capital advised the promoters on the deal.
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