Advent International, a global private equity investor, will invest $150 million for a significant minority stake in Iscon Balaji Foods Private Limited, a leading Indian manufacturer and exporter of processed frozen potato products, Advent said on Tuesday.
The investment is part of IBF's $215 million Series A round, in which 360 ONE is also participating.
Founded in 2012, Gujarat headquartered IBF manufactures a broad range of frozen potato products, including French fries, hash browns, coated fries, and other specialty products. IBF supplies to quick-service restaurants and food-service distributors across India, South and Far East Asia, the Middle East, and Australia.
The business is in the process of increasing its processing capacity significantly over the next 6 months with a new state-of-the-art manufacturing facility in Gujarat, positioning IBF to further strengthen its presence across global markets.
Working closely with founder Neel Kotak, an IIT Bombay alumnus, and the management team, Advent's investment will help accelerate IBF’s next phase of growth across international and domestic markets, while continuing to strengthen the company’s operating platform and product capabilities, it said.
Shweta Jalan, Managing Partner at Advent, said, “We are delighted to be partnering with Neel and the IBF team. Over more than a decade, Neel has built IBF with discipline and assembled a very strong management team that is the foundation of everything the business has achieved."
Jayesh Kotak, Chairman of the Board at Iscon Balaji Foods, said, “Over the years, IBF has been built with a long-term mindset, with strong emphasis on relationships, governance and disciplined growth. We are pleased to welcome Advent as a partner for the next phase of the company’s journey.”
The investment is part of IBF's $215 million Series A round, in which 360 ONE is also participating.
Founded in 2012, Gujarat headquartered IBF manufactures a broad range of frozen potato products, including French fries, hash browns, coated fries, and other specialty products. IBF supplies to quick-service restaurants and food-service distributors across India, South and Far East Asia, the Middle East, and Australia.
The business is in the process of increasing its processing capacity significantly over the next 6 months with a new state-of-the-art manufacturing facility in Gujarat, positioning IBF to further strengthen its presence across global markets.
Working closely with founder Neel Kotak, an IIT Bombay alumnus, and the management team, Advent's investment will help accelerate IBF’s next phase of growth across international and domestic markets, while continuing to strengthen the company’s operating platform and product capabilities, it said.
Shweta Jalan, Managing Partner at Advent, said, “We are delighted to be partnering with Neel and the IBF team. Over more than a decade, Neel has built IBF with discipline and assembled a very strong management team that is the foundation of everything the business has achieved."
Jayesh Kotak, Chairman of the Board at Iscon Balaji Foods, said, “Over the years, IBF has been built with a long-term mindset, with strong emphasis on relationships, governance and disciplined growth. We are pleased to welcome Advent as a partner for the next phase of the company’s journey.”
