New Delhi, Jul 16 (PTI) Three private equity firms have sought approval from the Competition Commission of India (CCI) to acquire a stake in Mumbai-based bakery chain Theobroma.

At least two private equity firms -- Infinity Partners and Atreides Investments BV -- are affiliates of ChrysCapital. Another PE firm Aqua Investments Ltd will also be acquiring a stake in Theobroma Foods.

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The development came following reports that homegrown PE major ChrysCapital is set to acquire a 90 per cent stake in Theobroma Foods for an estimated Rs 2,410 crore.

ChrysCapital has reportedly signed a deal to acquire a majority stake in Theobroma from its promoters and the current existing investor ICICI Venture. However, the founders will retain around 10 per cent holding in the company.

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"The proposed transaction pertains to the acquisition by the acquirers (Aqua Investments Ltd, Infinity Partners and Atreides Investments BV) collectively, of certain equity shareholding of Theobroma," according to a notice filed with the CCI.

Theobroma is engaged in the business of manufacturing and sale of bakery and confectionery products, food and beverages through its patisseries and stores present in over 30 cities in India and via its online platform and other online sales channels.

The parties (Aqua, Infinity and Atreides) said they do not have any direct horizontal overlaps, vertical or complementary relationships; one of the affiliates of the group to which the acquirers belong is engaged in the market for the provision of logistics services in India.

Therefore, there is only a minuscule potential vertical relationship between the affiliate and Theobroma, which is engaged in the market for the provision of food services in India.

However, the proposed transaction does not raise any risk of appreciable adverse effect on competition in India, the parties added.

ICICI Venture owns nearly a 42 per cent stake in Theobroma. It had invested nearly USD 20 million in 2017.

Theobroma was founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)