Advent hunts buyers for Crax maker DFM Foods, targeting December close
Advent International is seeking an exit from its 96.63% stake in DFM Foods, maker of Crax snacks, courting strategic and PE bidders including ITC, Marico and Britannia. The deal rides surging M&A in India's Rs 50,590-crore snacks market, with DFM posting FY25 sales of Rs 705.8 crore, up 27.5%.
What happened
DFM Foods (Crax) · Advent International is seeking to exit DFM Foods, maker of Crax snacks, selling its 96.63% stake to strategic or PE buyers including ITC,
Key facts
- 96.63% stake
- $118.8 million (2019 buy)
- FY25 sales Rs 705.8 crore
- 27.5% sales rise
- 30%+ FY26 growth
- snacks market Rs 50,590 crore (2025)
- Rs 103,556 crore by 2034
- 8.28% CAGR
Why this matters
With ITC, Marico and Britannia all circling DFM Foods, expect competitive bidding to compress your window—move now if Crax fits your snacks portfolio thesis.
What to watch
- Binding bid submissions and shortlist leaks
- Reported enterprise value / EV-to-sales multiple vs FY25 Rs 705.8cr base
- CCI/regulatory filing if strategic buyer triggers overlap review
- December close confirmation or slippage announcement
- DFM margin and volume data for H1FY26 supporting valuation
- ITC and Britannia run parallel diligence to defend/expand namkeen and extruded-snacks share
- Marico weighs bid as beachhead into savory snacks beyond edible oils/foods
- Advent locks binding bids and structures management retention to preserve DFM's growth trajectory
- Rival snack players (Haldiram, Bikaji, Prataap) accelerate their own M&A or capacity moves