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DFM Foods sale draws EQT, Emami and Balaji Wafers into ₹5,500 crore race alongside ITC, TPG
EQT Partners, Emami and Balaji Wafers have joined ITC, TPG and ChrysCapital in the race to buy Advent International's 96.63% stake in DFM Foods, owner of Crax snacks, at a likely valuation of ₹5,000-5,500 crore. Non-binding bids are expected by end of October.
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The numbers
Figures from ET Small Business,
| DFM Foods net sales 2025-26: | ₹916 crore |
|---|---|
| DFM Foods net sales previous year: | ₹705.8 crore |
| General Atlantic stake in Balaji Wafers: | 7% |
| General Atlantic investment in Balaji Wafers: | ₹2,500 crore |
| Consumer deals in April-June quarter: | 97 deals worth $981 million |
| Advent's 2019 acquisition price: | $118.8 million |
Why it matters to operators and investors
If ITC, Emami or Balaji Wafers wins Crax, expect a better-funded rival fighting for the same extruded-snack shelf space and distributor attention, so lock in trade terms and distributor loyalty before the December close.
What to watch next
- Which bidders are reported to advance after the end-of-October non-binding bids
- Any binding offer or signed agreement ahead of the December closing target
- A bid or reported valuation moving clearly above or below the ₹5,000-5,500 crore range
- A bidder dropping out or forming a consortium
- A public-shareholder open offer filing or a DFM share-price move on the stock exchange
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Advent International is likely to shortlist a small group of bidders after the end-of-October non-binding round and move them into confirmatory diligence.
- ITC may bid selectively, focused on fit with its existing snacks business, and is unlikely to stretch beyond the top of the reported range.
- Balaji Wafers and Emami may pair their bids with financing or a partner, since either would be making a stretch purchase relative to its usual deal size.
- EQT, TPG and ChrysCapital are likely to differentiate on speed and deal certainty, pitching Advent International on a clean exit rather than only on price.
- The eventual buyer is likely to have to make a mandatory open offer to DFM's public shareholders after signing, which would add a regulatory step before completion.
The source
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First seen