Day after Temasek acquires stake, Haldiram's sells more shares to IHC and Alpha Wave Global

Haldiram Snacks Food, the country's leading snack and food brand, on Monday confirmed selling its stake to two new investors -- IHC (International Holding Company) and Alpha Wave Global -- according to a release.

However, the statement did not disclose the details of the deal.

The announcement comes a day after Haldiram confirmed acquisition of a minority stake by Singapore-based global investment firm Temasek. The details of this deal were also not disclosed.

"Haldirams, India's leading snack and food brand, is pleased to announce the addition of two new investors, IHC (International Holding Company) and Alpha Wave Global, to its ongoing equity round, following Temasek's recent participation," the statement said.

This strategic move further strengthens Haldirams financial position as it accelerates its global expansion plans, particularly in the US and the Middle East, it said.

"The investment reflects Alpha Wave Global's and IHC's commitment to backing dominant companies with strong consumer brands," as per the statement.

According to industry sources, IHC and Alpha Wave are collectively acquiring a minority stake of about 6 per cent stake in Haldiram Snacks Food at a valuation of USD 10 billion (around Rs 85,000 crore), which is considered to be the largest for the Indian packaged food industry.

Alpha Wave is a global investment company that focuses on three main verticals -- private equity, private credit, and public markets -- while UAE-based IHC is one of the world's largest investment companies.

"With the backing of Alpha Wave Global and IHC, Haldirams is set to leverage the vast expertise and networks of these investors to broaden its footprint in key international markets such as the US and Middle East, while strengthening its footprint and presence further in India," it said.

These markets, which demonstrate growing demand for Indian cuisine and snacks, will be the primary focus areas in the company's global expansion strategy, it said.

Commenting on the development, Haldirams group's spokesperson said, "The partnership represents patient capital and long-term support to Haldirams' growth plans. With this partnership, we are well-positioned to enhance our product offerings, expand our operations, and further our mission to make Haldirams a household name in Middle East and other international geographies."

Rick Gerson, Co-founder and Chairman of Alpha Wave Global, said, "We are proud to become a shareholder and partner with Haldirams in this next stage of their growth both domestic and internationally; while maintaining the delight they have brought to customers for close to century."

IHC CEO Syed Basar Shueb said, "This investment aligns with Alpha Wave's and IHC's strategy to support leading companies that are making a global impact. We look forward to working closely with Haldirams to drive innovation and expand its market presence."

PwC Investment Banking team acted as advisor to the transaction and Khaitan & Co acted as the legal advisor.

Several PE firms, including Blackstone, Alpha Wave Global, and Bain Capital-led consortiums, were in the race to pick up stake in Haldiram Snacks Food.

Haldiram Snacks Food is the combined business of the Haldiram family -- Delhi and Nagpur.

Earlier, the National Company Law Tribunal had approved the process of the merger of the two sides and other regulatory approvals are awaited.

Established in 1937 as a retail sweets and namkeen shop in Bikaner, Rajasthan, by Ganga Bhishen Agarwal, Haldiram products are sold in over 80 countries.

In 2022, it was announced that the packaged snacks businesses of Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International would be first demerged and then merged into an entity named Haldiram Snacks Food.