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Packaged foods platform Everfoods inks agreement to acquire Cookie Man
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Tuesday, 03 July, 2018, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Everfoods, the packaged foods platform controlled by the Everstone Group, has entered an agreement to acquire Cookie Man, a product of Australian Foods India Private Limited, Chennai, and India’s leading brand of fresh baked cookies, via its subsidiary Modern Food Enterprises Pvt Ltd (MFEL). Anupam Saluja, chief executive officer, Cookie Man, and the current leadership team, will continue to work with the Modern and Everstone leadership.
Cookie Man is a manufacturer and retailer of Australian cookies and bakery products such as muffins, ice creams, brownies and chocolates. It currently has a network of 50-plus stores/kiosks in leading malls and airports and a presence in over 20 cities across India.
As a part of the acquisition, Everfoods will also get exclusive rights to own and operate the brand and other related intellectual property, not only in India but also in the adjoining countries, namely Sri Lanka, Nepal, Bangladesh and Mauritius.
Deep Mishra, managing director, Everstone Group, leads the investments and acquisition strategy for Everfoods. Speaking on the acquisition, he said, “Cookies are the fastest-growing segment in the biscuits category, and the segment is expected to continue to grow at double digit rate in the coming years.”
“Cookie Man, with its premium and authentic cookies positioning and an extremely strong equity base, is a good fit for Everfoods, and especially Modern. This is the first of many acquisitions in core and adjacent spaces that we are evaluating and looking to close,” he added.
Previously, Everstone Group, via Everfoods, completed the acquisition of the iconic Modern brand from Hindustan Unilever Limited (HUL) in 2016 and has also built a state-of-the-art research and development (R&D) facility in Chennai.
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