Samara sets up $150-M platform for packaged foods

Private equity firm Samara Capital, along with a consortium of investors including Convergent Finance, is setting up a roll-up platform for packaged foods for which it has earmarked USD 150 million. It will explore M&As in mid-sized packaged foods as bolt-on or tuck-in acquisitions, pursue organic growth, and sign licensing deals to bring global food brands to India. The platform has acquired a majority stake in publicly listed Agro Tech Foods which owns Sundrop edible oil, peanut butter and ACT II popcorn as its first brands.The platform will be similar to Sapphire Foods, which Samara Capital had set up for food services, which operates Yum! Brands' quick-service restaurant (QSR) chains KFC and Pizza Hut in India.