10/31/2019 | Press release | Distributed by Public on 10/31/2019 00:30
Oct 31, 2019
Bahrain, 30 October 2019 - Leading global alternative asset manager Investcorp, has announced an investment of US $11.3 million in Intergrow Brands Private Limited ('Intergrow' / 'Company'), a subsidiary of Synthite Group. Synthite is the world's largest producer of value-added spices with operations in India, US and China. Its customers include global food, nutraceutical, cosmetic and pharmaceutical companies in Europe and USA.
Launched in 2014, Intergrow has an array of products ranging from packaged spices, marinades, sauces and seasonings to premium gourmet food and tea. Over the years, Intergrow has grown to become the second largest player in Kerala's packaged spices market under the 'Kitchen Treasures' brand.
Apart from packaged basic and value-added spices, Kitchen Treasures also has pickles and pastes, Ready to Cook (RTC) and Ready to Eat (RTE) products in its portfolio. Widely acknowledged as a passionate advocate for food safety, actress Manju Warrier is a well-known brand ambassador for Kitchen Treasures.
Intergrow also has a wide bouquet of premium gourmet food products under the 'Sprig' brand. Recently, it launched cold crafted green tea under the 'TE.A' brand which allows consumers to enjoy refreshing green tea without using traditional tea bags.
Girish Nadkarni, Partner and Co-head of Private Equity for Investcorp India, added: 'Intergrow is a unique food technology platform with unmatched research and development capabilities. Intergrow has a strong management team led by its CEO Ashok Mani. We are impressed with the team's ability to develop new innovative products for the Indian market and provide quality products to consumers.'
Viju Jacob, managing director of Synthite Industries said: 'We are delighted to have Investcorp as a business partner and look forward to our growth journey with them'. Aju Jacob, director of Synthite Industries said: 'We are impressed with Investcorp's global network and their deep commitment towards investing in compelling growth opportunities worldwide. We look forward to a fruitful partnership with them'. Consark was the advisor to Intergrow for the deal.
Investcorp's investment in Intergrow is in line with its strategy to back businesses with sustainable growth prospects in the consumption driven Indian market. Investcorp raised INR 1,000 Crore in its maiden private equity India fund. The new fund focuses on investment opportunities across three key sectors - consumer, financial services and healthcare. The fund has so far invested in five companies namely Incred, ASG, Zolo, Citykart and Bewakoof.
Investcorp manages over US $28 billion globally and at its core is a mid-market investment specialist. The private equity business of Investcorp has close to 40 years of mid-market investing experience across the North America, Europe and the MENA region with more than US $42 billion of transaction value in almost 200 investments across retail, consumer products, technology, business services and industrials.