New Delhi, Dec. 18 -- The global consumer-focussed private equity fund, L Catterton, which has recently hit the first close of its India dedicated fund, has made an undisclosed investment in the country's largest snacks company Haldiram's.

The deal marked the company's second equity financing in the current year. In March this year, Singapore's Temasek announced that it has picked up 10% stake in the snacks maker for a whopping $1 billion. Soon after Alpha Wave Global and Abu Dhabi's International Holding Co (IHC) too joined the captable.

Established in 1937, Haldiram's has become a household name, primarily known for its wide range of snacks, sweets, and ready-to-eat products.

The latest investment is by Connecticut-headquartered L Catterton and it would enable Haldiram's to leverage former's global consumer sector expertise, operating prowess, and industry network, as well as local talent, insights, and relationships.

The snacks maker would also be benefitted by the decades of experience of L Catterton's newly appointed executive chairman of India Sanjiv Mehta. Mehta was the former chairman / CEO and MD of Hindustan Unilever Ltd.

"We are delighted to back Haldiram's and drive further growth in India's evolving and flourishing consumer market, as well as galvanise its internationalisation," said Mehta.

L Catterton has significant experience in building brands in the packaged food space across the world. Current and past investments in the space include Cholula Hot Sauce, Farmley, Ferrara Candy Company, Goodles, Kettle Foods, Kodiak, Little Moons, NotCo, Planted, and Plum Organics.

VCCircle reported in September that L Catterton marked the first close of its India-centric investment vehicle with around $200 million (around Rs 1,805 crore). The category II alternative investment vehicle, known as L Catterton India Fund I, has a target of $400 million with an additional greenshoe option of $200 million.

L Catterton will invest in seven to nine companies across sectors such as food and beverage, consumer services including healthcare, retail and restaurants, and consumer brands. Average cheque size will be in the range of $25 million and $150 million.

In October, the investment firm had invested in a specialist clinic chain in the healthcare company's first external capital raise.

Published by HT Digital Content Services with permission from VC Circle.