Adani Wilmar to acquire ‘Tops’ parent company GD Foods, expanding its footprint in sauces and pickles category

Adani Wilmar Limited (AWL), one of India’s largest FMCG companies, has announced the acquisition of G.D. Foods Manufacturing (India) Private Limited, the owner of the renowned “Tops” brand. The acquisition will be executed in multiple phases, with AWL acquiring an 80% stake initially, followed by the remaining 20% over the next three years. In FY24, GD Foods reported a revenue of ₹386 crore, growing at a three-year CAGR of 15%, with an EBITDA of ₹32 crore.

This acquisition is expected to significantly enhance AWL’s product portfolio in the sauces and pickles segment, strengthening its presence in the Indian packaged foods market. Tops has built a strong reputation over the past four decades, offering a range of products including tomato ketchup, sauces, jams, pickles, noodles, instant mixes, and cereals. With a retail presence across over 150,000 outlets, the brand has a strong foothold in North India.

Adani Wilmar’s MD & CEO, Angshu Mallick, stated that this move aligns with the company’s vision to cater to Indian kitchen needs with high-quality and affordable products. The deal will also add high-margin value-added products to AWL’s portfolio, helping it expand further in the FMCG sector.

The transaction will be funded through internal accruals or IPO proceeds and is expected to close within 60 days, subject to customary approvals. AWL’s infrastructure and Fortune brand, combined with Wilmar’s global expertise, are expected to accelerate the growth of Tops in India.

Nitin Seth, Vice Chairman of GD Foods, expressed confidence in AWL’s ability to take the brand to new heights, ensuring wider reach and stronger market penetration.

This acquisition marks another strategic move by Adani Wilmar to strengthen its position in the growing packaged foods market in India.

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