General Atlantic Set to Acquire 7 Percent of Balaji Wafers
US private equity firm General Atlantic is nearing the completion of acquiring a 7 percent stake in Balaji Wafers for Rs.2,500 crore (around $282 million), which values the Gujarat-based packaged ethnic snack manufacturer at roughly Rs.35,000 crore (nearly $4 billion), according to reports.
Chandu Virani, the founder and managing director of Balaji Wafers, acknowledged the discussions with GA, stating that a formal announcement will occur once the deal is completed.
"It’s finalized on our end," Virani stated, noting that a GA team is reviewing the contract at this time. "The dilution is primarily driven by our new generation in the family, who sought to introduce strategic capital and expand."
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In response to additional actions, Virani stated, “We do not plan to sell any more shares and would prefer to explore an initial public offering.” An email directed to GA went unanswered.
Earlier this year, Balaji was thinking about selling approximately 10 percent at a projected valuation of nearly Rs.40,000 crore.
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The regional snack giant had drawn numerous interested parties, such as General Mills, PepsiCo, and ITC, alongside private equity firms Kedaara, TPG, and Temasek.
Discussions with prospective investors, however, collapsed because of the elevated valuation request. Kedaara led the race until two weeks back, but General Atlantic's bid was 7-10 percent greater.
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In 1982, Virani launched his business as a vendor of snacks and sandwiches at a cinema in Rajkot. In the previous fiscal year, Balaji achieved Rs.6,500 crore in yearly revenue and reported a net profit close to Rs.1,000 crore.
The company is the undisputed market leader in Gujarat, Maharashtra, and Rajasthan, holding approximately 65 percent share in the organized market in these states for items like potato chips, namkeen, and bhujia.