ChrysCapital Acquires 90% Stake in Pan-India Bakery Chain Theobroma for ₹2,410 Crore

ChrysCapital, a homegrown private equity firm, is acquiring a 90% stake in Theobroma Foods, a popular pan-India bakery chain known for its brownies and patisserie, in a deal valued at ₹2,410 crore. The acquisition involves buying shares from both the founding family and ICICI Venture, which currently holds 42%, while the founding family will retain around 10%. Despite the final price being lower than the initially proposed ₹3,000 crore due to Theobroma's recent weaker financial performance, the deal is seen as a positive sign for the revival of large transactions in India's dining and cafe sector. Theobroma, founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, has expanded to over 150 outlets across 30+ cities with expected FY25 revenues of ₹525-550 crore and EBITDA of ₹80-100 crore. ChrysCapital aims to build a quick-service restaurant platform, planning to acquire other food brands like The Belgian Waffle Co. to strengthen its position in the sector. The transaction attracted interest from major global investors including Bain Capital, Carlyle, and Switz Group before ChrysCapital emerged as the buyer.