Edible oil co. Adani Wilmar to acquire sauces seller GD Foods

Listed edible oil maker and FMCG company Adani Wilmar is to acquire New Delhi-based, GD Foods Manufacturing (India) Pvt Ltd, which sells sauces and condiments under the brand ‘ Tops ’.About 80% of the shares to be acquired in the first tranche at an agreed enterprise value of INR 603 crore. The remaining stake will be acquired over the next three years.For Adani Wilmar, the transaction was supported by KPMG India Corporate Finance as financial advisor, PwC as the due diligence advisor, and Cyril Amarchand Mangaldas as legal counsel. For GD Foods, Equirus Capital acted as financial advisor and J Sagar Associates, as legal advisor.Founded in 1984, GD Foods-owned brand “Tops” offers tomato ketchup, snack sauce, specialty sauces and culinary sauces, jams, pickles, noodles, instant mixes, corn and choco flakes, and cooking essentials such as vinegar, baking powder, cake mix, corn flour .