Chryscapital gets CCI Knik to acquire majority stake in bakery chain Theobroma

Fair Trade Regulator Competition Commission has erased the proposal of its own Private Equity Major Chryscapital on Tuesday to acquire a majority interest in the Mumbai -based bakery chain Theobroma.

Chryscapital acquires the importance in Theobroma through its affiliated companies, Infinity Partners, Aqua Investments LTD and Atreids Investments BV.

“The proposed combination relates to the acquisition of a certain share shareholders of Theobroma Foods PVT LTD (Theobroma) by Infinity Partners, Aqua Investments Limited and Atreides Investments BV,” said the Competition Commission of India (CCI) in a release.

Theobroma is involved in the production and sale of bakery and confectionery products, food and drinks through its patisseries and stores that are present in more than 30 cities in India and through its online platform and other online sales channels.

“CCI approves the acquisition of a certain share shareholders of Theobroma Foods PVT LTD by Infinity Partners, Aqua Investments LTD and Atreids Investments BV,” said the regulator in a function about X.

According to reports, Chryscapital will acquire a 90 percent interest in Theobroma Foods for an estimated RS 2,410 Crore. Chryscapital has signed a deal to acquire a majority stake in Theobroma from its promoters and the current existing investor Icici company, according to reports. However, the founders retain around 10 percent in the company. Icici Venture has almost an interest of 42 percent in Theobroma. It had invested almost USD 20 million in 2017.

Theobroma was founded in 2004 by Sisters Kainaz Messman Harchandrai and Tina Messman Wykes.

Deals outside of a certain threshold require approval from the regulator, which keeps a tablop of unfair business practices and promotes fair competition on the market.