Advent scouts buyers for Crax-maker DFM Foods; ITC, Marico, Britannia among suitors
Advent International looks to exit its 96.63% stake in DFM Foods, acquired for $118.8M in 2019, targeting a December close. Strategics ITC, Marico and Britannia plus PE firms are circling as India's ₹50,590 crore snacks market races toward ₹103,556 crore by 2034 at 8.28% CAGR.
What happened
DFM Foods (Crax) · Advent International seeks to exit Crax-maker DFM Foods, selling its 96.63% stake to strategics like ITC, Marico, Britannia or PE firms,
Key facts
- 96.63% stake
- $118.8 million (2019 buy)
- FY25 sales ₹705.8 crore
- +27.5% sales
- +30% FY26 growth
- snacks market ₹50,590 crore 2025
- ₹103,556 crore by 2034
- 8.28% CAGR
Why this matters
With ITC, Marico and Britannia all circling DFM's fast-growing branded portfolio, acquirers should move on due diligence and valuation discipline now, as competitive tension into the December close could inflate the premium on this ₹705.8 crore-revenue asset.
What to watch
- Binding bid submissions and shortlist leaks
- Reported valuation multiple (EV/sales or EV/EBITDA)
- Any regulatory/CCI filing signaling a strategic frontrunner
- Input cost (palm oil, wheat, packaging) moves affecting margin narrative
- Advent statement on timeline confirmation or extension
- ITC/Britannia/Marico issue non-committal 'evaluate opportunities' statements while running diligence
- Advent's bankers circulate CIM and set binding-bid timeline targeting December
- Rival strategics accelerate own snacking M&A or capex to defend shelf space
- DFM management reiterates ~30% FY26 growth guidance to support asking price