SAM & Co Advises on PE Investment in Mrs. Bector’s Food Specialties Limited

Shardul Amarchand Mangaldas & Co (SAM & Co) acted as the legal counsel to Mrs.Bector’s Food Specialities Limited (Mrs.Bector’s), and its Promoters, in the 46.75% stake sale, to a consortium of PE Firms. The present investment values Mrs.Bector’s at INR 10 billion (US$ 160 million). The Company has long term production and supply arrangements with manufacturers such as Mondelez and ITC, making it one of the biggest manufacturers of bakery products in India.

The transaction involved sale of 46.75% (13,385,488 equity shares) of the Company’s shares (including the sale by Promoters) to the investors.The SAM Co Team advised the Promoters and the Company on all legal aspects of the transaction including structuring of the transaction (which also involved purchase of a portion of shares by the Promoters from the Exiting Investor). 

The Private Equity Team of SAM & Co was led by Mr. Raghubir Menon, Partner and included, Mr. Gaurav Dayal, Principal Associate, Mr. Aritra Roy, Associate, Ms. Deepa Rekha, Associate and Mr. Taranjeet Singh, Associate.

The Parties involved in the transaction were Mrs. Bector’s Food Specialities Limited (Company), Mr. Anoop Bector and his family members (Promoters), Mr. Ajay Bector and his family members (Exiting Promoters), IL&FS Trust Company Limited (onshore Exiting Investor), India Business Excellence Fund I (offshore Exiting Investor), Linus Private Limited and its affiliate (Investor 1), and Gateway Crown Pte. Ltd. and its affiliate (Investor 2).

Other Advisors to the deal were Platinum Partners (legal counsel to Investor 1), Desai &Diwanji (legal counsel to the Exiting Promoters), AZB & Partners (legal counsel to Investor 2), and O3 Capital Global Advisory Private Limited (Financial Advisor).

Practice Area: General Corporate/Private Equity

Date of Closing: The first closing occurred on 21 October 2015, and the second closing occurred on 8 November 2015.

About Shardul Amarchand Mangaldas & Co (SAM & Co)

Shardul Amarchand Mangaldas & Co (SAM & Co) is one of India’s leading full service law firms. Founded on almost a century of legal achievement, SAM & Co. reconstituted in May 2015 and has started anew. The Firm is known for its exceptional Mergers & Acquisition, Competition Law, Dispute Resolution & Arbitration, Regulatory Litigation, Capital Markets and Private Equity practices globally.

Its mission is “enabling business by providing solutions as trusted advisors through excellence, responsiveness, innovation and collaboration." The Firm has been at the helm of major headline transactions and litigations in all segments of industry and business besides representing major trans-national corporates on their India entry and business strategy.

Headed by eminent practitioners Shardul Shroff and Pallavi Shroff, the Firm has more than 370 lawyers, including 70 partners across its six offices in India, which include – New Delhi, Mumbai, Gurgaon, Ahmedabad, Bengaluru and Kolkata.