Everfoods Asia, the bread and bakery platform of private equity firm Everstone Capital, has divested Modern Foods to Grupo Bimbo’s Indian subsidiary Ready Roti India.

The financial details of the deal have not been disclosed.

Everfoods acquired Modern Foods from Hindustan Unilever in 2016 and relaunched the bread brand in June 2017 across the country.

Everstone Capital Asia managing director Roshini Bakshi said: “We had a phenomenal experience in rejuvenating the legacy brand of Modern and bringing it to the dining table of consumers again.

“Modern has unlocked its potential through its portfolio expansion and wider reach thereby exhibiting tremendous growth. I wish Grupo Bimbo the best for the future and hope they continue to grow bigger and better.”

The bread was relaunched in India after a significant investment in the manufacturing segment and the research and development (R&D) at Modern’s innovation hub in Chennai.

For the relaunch, the company also said to have focused on consumer insights, strategy, and design.

Everstone identified the potential the brand offered and supported Modern Foods by increasing its geographic reach and expanding the company’s offering portfolio.

It also helped the brand to extend to adjacent and newer categories, both organically and through acquisitions.

With a distribution network of more than 80,000 retailers across the country, Modern Foods is said to have expanded the brand from bread to a baked good company. It currently operates seven manufacturing units across the country.

For this transaction, Investec served as a sole financial adviser to Everstone and Modern Foods.