PE Fund Investments
Kedaara Capital to invest $150-M in ice cream brand Dairy Day; MOPE exits
Kedaara Capital is to acquire a majority stake in Bengaluru-based Dairy Classic Ice Creams Pvt Ltd (which operates under the brand Dairy Day ) for a reported USD 150 million. The deal will provide a full exit to Motilal Oswal Private Equity (MOPE) and other investors in the company. EY acted as the exclusive investment banker on this transaction.Founded in 2002 by MN Jaganath and A Balaraju, Dairy Day has more than 50,000 retailers in Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Maharashtra. It sells candies, sorbet, cones, tubs and cakes, across general trade, modern trade and online channels. The company plans to increase its production capacity from 2 lakh litres a day to 3.5 lakh litres a day.
In Oct-16 MOPE had committed to invest INR 110 Cr in Dairy Classic Ice Creams via a primary infusion and secondary purchase.For FY23, Dairy Classic Ice Creams had reported INR 439.56 Cr in Operating Income and INR 19.51 Cr in PAT .
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