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Advent International Prepares to Sell Crax Maker DFM Foods in Multi-Crore Deal
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Storyboard•13-10-2026, 09:04
Advent International Prepares to Sell Crax Maker DFM Foods in Multi-Crore Deal
- •Advent International is selling its 96.63 percent stake in DFM Foods, the maker of Crax corn rings, at an expected valuation of up to ₹5,500 crore by December.
- •A crowded field of potential bidders including EQT, Emami, Balaji Wafers, ITC, TPG, and ChrysCapital has emerged for the acquisition.
- •DFM's revenue rose 27.5 percent to ₹705.8 crore in FY25, with growth accelerating further in FY26 following operational changes driven by former ITC Foods executive V.L. Rajesh.
- •The next owner faces key strategic challenges including driving larger price points, expanding into healthier product lines, adapting to quick-commerce, and proving the brand's long-term consumer demand beyond nostalgia.
Key Questions Answered
Advent International began a sale process in July for its 96.63% stake in DFM Foods, with non-binding bids reportedly due by the end of October and completion expected by December. The deal targets a valuation of around ₹5,000–5,500 crore (or in excess of $400 million).
Advent International acquired a majority stake in DFM Foods in October 2019 for approximately $118 million to $120 million and subsequently took the company private in January 2023.
The crowded field of interested parties includes EQT, Emami, Balaji Wafers, ITC, TPG, and ChrysCapital, alongside earlier reports naming Marico, Britannia, Lotte, Liwayway, Kedaara, and CVC. The sell-side process is advised by Avendus and EY.
