MUMBAI, INDIA — Grupo Bimbo SAB de CV has acquired Modern Food Enterprises Private Ltd. from Everstone Capital. Financial terms of the transaction were not disclosed.
A pioneer in India’s baking industry, Modern Foods was established by the government of India in 1965 as Modern Bakeries and was rebranded as Modern Foods in 1982. Over the years, Modern has become one of India’s most recognized brands with a full range of white, sweet, and health and wellness bread varieties, as well as value-added bakery products such as rusks, cakes, muffins, buns, pavs and cream rolls.
Modern Foods was privatized in 2000 following its sale to Hindustan Unilever. Everstone Capital acquired Modern Foods in 2016.
Under Everstone’s ownership, Modern Foods relaunched its iconic bread brand in June 2017. According to Everstone, the relaunch included significant investments in manufacturing, research and development at Modern’s innovation hub in Chennai, and thorough work on consumer insights, strategy and design.
“We had a phenomenal experience in rejuvenating the legacy brand of Modern and bringing it to the dining table of consumers again,” said Roshini Bakshi, managing director of Everstone Capital Asia. “Modern has unlocked its potential through its portfolio expansion and wider reach thereby exhibiting tremendous growth. I wish Grupo Bimbo the best for future and hope they continue to grow bigger and better.”
Modern Food’s bread and bakery products are manufactured and marketed nationally through a network of seven manufacturing plants and more than 80,000 outlets.