Private Equity

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Bodhi Tree in talks to buy stake in restaurant chain Adyar Ananda Bhavan at Rs.3,500-Cr valuation

Mint   Adyar Ananda Bhavan  

The promoters of the Chennai-based restaurant chain Adyar Ananda Bhavan have relaunched a deal to sell a stake in the company, valuing the business between INR 3,000 crore and INR 3,500 crore. Investment platform Bodhi Tree is in talks to acquire a significant minority or a majority stake in the company. Veda Corporate Advisors is advising the promoters of Adyar Ananda Bhavan on the transaction, while Moelis is advising Bodhi Tree.The transaction is expected to involve a combination of primary and secondary fund infusion. To finance the deal, Bodhi Tree is likely to create a special purpose vehicle, which may raise structured debt from the special situations fund of Bain Capital while utilising its own funds for the equity component of the investment.Founded in the 1980s by K. S. Thirupathi Raj, Adyar Ananda Bhavan operates over 140 outlets across India and maintains a global presence. The firm is being managed by K.T. Venkatesan and K.T. Srinivasa Raja. The company intends to use the primary capital to expand into new geographies.