Bakery chain Theobroma to be sold for Rs 2,410 crore, ChrysCapital to acquire 90% stakes

PTC News Desk: ChrysCapital, a domestic private equity firm, is set to acquire popular bakery chain Theobroma Foods for ₹2,410 crore, according to The Economic Times. Theobroma, widely known for its brownies, cakes, and other baked goods, will see nearly 90% of its ownership change hands under this deal. ChrysCapital will buy out stakes held by the company’s promoters and ICICI Venture, which currently owns 42%. The founding family will retain approximately 10% of the business.

Negotiations between ChrysCapital and Theobroma had resumed earlier this year after a six-week pause caused by concerns over the company’s financial performance. Although the original asking price was around ₹3,000 crore, the final agreement was settled at ₹2,410 crore. Despite the lower valuation, the acquisition is being seen as a promising sign for the broader restaurant and café industry, which has seen a slowdown in deal activity amid market volatility.

“Even though the Theobroma deal has been signed at a lower valuation compared to what was brought on the table first, it's being seen as a precedent for revival of high-value transactions in the dining and cafes sector,” a person directly involved in the discussions told ET.

Theobroma had drawn interest from several major players, including Bain Capital, Carlyle, and Switz Group (which owns Monginis), but ChrysCapital ultimately secured the deal.

This acquisition aligns with ChrysCapital’s strategy to create a quick-service restaurant (QSR) platform, with plans to bring more brands like The Belgian Waffle Co. under its umbrella.

Theobroma was founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, starting as a single outlet in Mumbai’s Colaba. Today, the brand operates over 200 stores in more than 30 cities across India.