DFM Foods sale: EQT, Emami, Balaji Wafers join ITC, TPG in Rs.5,500-Cr race

Swedish private equity firm EQT Partners, FMCG firm Emami, and snack seller Balaji Wafers have joined a list of suitors, including ITC, TPG, and ChrysCapital, competing to acquire Noida-based snack manufacturer DFM Foods . The process for the sale of a 96.63% stake held by Advent International is currently underway, with non-binding bids expected by the end of October. The transaction is projected to conclude by December, potentially valuing the company at between INR 5,000-Cr and INR 5,500-Cr. Avendus Capital and EY have been appointed as advisers to the transaction.Founded in 1984, DFM Foods manufactures potato chips, namkeens, and millet snacks under several brands, including Crax, Curls, Fritts, and Natkhat. The company reported net sales of INR 916-Cr for the fiscal year 2025-26.Advent acquired a majority stake in 2019 for USD 118.8 M and subsequently delisted the company in 2023.