Rabo Equity Advisors, Investment Advisors for India Agri Business Fund II (the “Fund”) has announced an investment of ~$15 million into
Cremica Food Industries Limited (“Cremica”) for acquisition of a minority stake by the fund.
Cremica is a fast growing sauces, condiments, and snacks company managed by Akshay Bector whose product range includes chips, sauces, sandwich mayonnaise, salad dressings, and syrups. Cremica is looking to achieve sales of Rs.10,000 million by 2020 and expand its distribution network to 120,000 outlets in three years from 40,000 at present, thereby expanding its presence through the country. The company is also looking to expand its manufacturing capacity at its existing complex at Phillaur and also plans to set up a food park and manufacturing plant in Himachal Pradesh.
India Agri Business Fund II is a $200 million Private Equity Fund targeted at expansion and growth of Indian food and agribusiness companies in India. It is sponsored by Rabobank along with pedigreed institutional investors. This is the first investment by India Agri Business Fund II.
Rabo Equity Advisors managed by Rajesh Srivastava currently advises two funds in India, IABF – II and IABF – I. India Agri Business Fund I – a $120 million fund which is fully invested in companies like Prabhat Dairy, NCMSL, LT Foods, Daawat Foods, Vacmet, Global Green etc. and the recently raised – IABF II. The Fund has a long-term “Knowledge Sharing Agreement” with Rabobank.
According to Rajesh Srivastava, Chairman & Managing Director, Rabo Equity Advisors, “Rabo Equity is delighted to invest in Cremica and believes that under the leadership of Akshay Bector, Cremica shall become a strong household brand when it comes to sauces, condiments, and snacks”.
According to Akshay Bector, Chairman & Managing Director, Cremica Food Industries Limited, “Cremica is excited to have Rabo Equity on board as an investor. Rabo’s deep sector knowledge and experience in the food space will help Cremica in a long way towards fulfilling its growth plans.”
