Verlinvest acquires 20% of Everstone’s restaurant business

The new investor, which is made up of the founding families of the world's largest brewer, Anheuser-Busch InBev, now stands to be part of a company that owns more than 80% of Blue Foods, India's biggest restaurant operator, sources told the The Times of India.

With over 120 outlets, Blue Foods could consider an IPO in the next two years. It is currently engaged in a joint venture with JS Hospitality, which owns the Park Balluchi and Pind Balluchi brands in the National Capital Region of India, after Everstone bought a 45% stake in Pind Balluchi for about $20 million last December. It also owns the well-known Noodle Bar, Bombay Blue and Copper Chimney labels.

Cuisine Asia controls restaurant assets with a turnover of around INR3 billion ($61 million). It is hoped that Verlinvest's involvement with enable the company to attract global brands and develop its food-related business.

Several private equity firms are seeking to leverage the rise of the Indian consumer through investments in restaurant chains. In August, India Equity Partners purchased a majority stake in specialty restaurant chain Sagar Ratna Hotels for INR1.8 billion, having earlier taken a majority stake in Innovative Foods.

In July, New Silk Route Advisors closed its first Indian restaurant investment - in an unnamed restaurant holding company - for $100 million. In May, ICICI Venture acquired a 10% stake in food and beverage chain operator Devyani International for approximately $55.6 million, and in March, SAIF Partners-backed food services firm Speciality Restaurants submitted filings for a public offering, targeting as much as $37.6 million.

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• Topics
• South Asia
• Consumer
• Expansion
• Everstone Capital
• Growth capital
• Consumer
• India
• NSR New Silk Route Partners
• ICICI Venture Funds Management Company
• SAIF Partners