Agro Tech Foods, a food and edible oil company backed by private equity firm Samara Capital has acquired a 100% stake in Del Monte Foods (DMFPL). In tandem with this development, the Company proposes to rebrand itself as Sundrop Brands.
Through the acquisition, Agro Tech Foods aims to enhance its presence across retail and food services sectors, expanding its reach to traditional retail, modern retail, quick-service restaurants and food services customers.
DMFPL is a joint venture between Bharti owning 59.29% and DMPL India Limited (owned by Del Monte Pacific Limited) owning 40.71%. With this transaction, both Bharti and DMPL will receive shares of ATFL as consideration and will become public shareholders of ATFL post the transaction.
Additionally, ATFL (through DMFPL) will acquire an exclusive, perpetual license for the Del Monte brand in India, ensuring long-term access to this trusted brand for its growing consumer base.
DMFPL’s product line-up, including the Italian range, sauces, ketchup, dips and spreads, and beverages, complements ATFL’s product portfolio with a focus on high-quality, innovative food solutions.
As part of this transaction, ATFL also gains access to Del Monte’s manufacturing and R&D facility in Hosur, Tamil Nadu and in Ludhiana, Punjab. Known for its commitment to product innovation and quality.
To lead this newly expanded platform, the company has appointed Nitish Bajaj as Group Managing Director of the Company. Nitish brings over 28 years of experience in consumer products and brand management. His previous roles include CEO of the Consumer Products Division at Piramal, Senior Vice President of Marketing at CEAT Tyres, and leadership roles with Reckitt Benckiser, Ranbaxy Global Consumer Healthcare, and Heinz India.
Asheesh Kumar Sharma, CEO and Executive Director of Agro Tech Foods Limited, said, “We are thrilled to welcome Del Monte Foods into the Sundrop Brands family. This partnership aligns perfectly with our enhanced vision of bringing joyful food experiences to the modern consumer. Working closely with Nitish Bajaj, we intend to deliver maximum value to all stakeholders through our enhanced mission of creating innovative, delicious and convenient food solutions for the modern consumer.”
Harjeet Kohli, Joint Managing Director of Bharti Enterprises said, “Bharti is excited to announce the combination of ATFL and Del Monte Foods Private Limited, making Bharti the second largest shareholder in the combined platform. Leveraging significant synergies on the back of a profitable business model, trusted brands and a loyal consumer base, this transaction is set to bolster the scale and margin profile of the platform, potentially accelerating shareholder returns and offering a more diverse portfolio of high-quality products to consumers. We look forward to the exciting journey ahead, with all engines fired up for accelerated growth.”
Del Monte Pacific Limited (DMPL) remarked, “India has been an exciting and flourishing market for Del Monte, and we are proud of the brand’s journey and impact on the Indian food industry. With Sundrop Brands’ experience and commitment, we believe the Del Monte brand will reach new heights in India. This transaction supports our strategic focus on core markets and partnerships that drive growth.”
