Advent International Considers Sale of DFM Foods, Packaged Snacks Manufacturer

Advent International Evaluates Sale of DFM Foods, Six Years After Investment

Global private equity major Advent International is reportedly evaluating a sale of its portfolio firm DFM Foods, more than six years after investing in the Mumbai-based packaged snacks firm. According to multiple industry sources, the PE fund has been exploring an exit and has conducted pitches with investment banks.

In October 2019, Advent International acquired a majority stake in DFM Foods from the promoters and Westbridge Capital for around $118 million to $120 million. Later in January 2023, the PE fund successfully delisted DFM Foods. As of March 31, 2025, Advent International held a 96.63 percent stake in the firm.

According to sources, Advent International is expecting a valuation in the range of $500 million to $800 million. However, the divestment plans and valuations have not been finalized as yet and may change depending on market conditions. The firm is expected to see interest from both private equity suitors and strategic players eyeing the northern market where DFM Foods has strong visibility. Another possibility is a merger with a suitable candidate.

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DFM Foods has established itself as a prominent player in the packaged snacks market, with a strong presence in northern India. The firm has a total manufacturing capacity of 48,400 million tonnes per annum and sells under the brands 'Crax', 'Curls', and 'Natkhat'. In the financial year 2025, the company achieved robust revenue growth of 27.5 percent, with total sales increasing from Rs 553.5 Crores to Rs 705.8 Crores.

Established in 1984, DFM Foods has plant locations in Ghaziabad, Greater Noida, Kashipur, Howrah, Hyderabad, Telangana, and Varanasi. The firm is engaged in the business of manufacturing, selling, and marketing of packaged foods such as ready-to-eat packaged snacks, mainly corn-based extruded snacks and namkeen's. DFM's products profile consists of 18 distinct product variants.

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The merger between Devyani International and Sapphire Foods will consolidate KFC and Pizza Hut outlets across the country, highlighting the growing trend of mergers and acquisitions in the food industry. Other notable deals in the sector include the stake sale process launched by Mad Over Donuts and investments by investors like Temasek and Alpha Wave Global in various food brands.