The first tranche of the transaction, 80 per cent share transfer, was closed this month, with the remaining 20 per cent to be acquired over the next three years
As AWL Agri Business acquired a majority stake in GD Foods Manufacturing (India), Equirus served as the exclusive advisor to GD Foods, a leading player in the Sauces and Pickles category and owner of the brand ‘Tops’. The first tranche of the transaction, 80 per cent share transfer, was closed this month, with the remaining 20 per cent to be acquired over the next three years.
Post this acquisition, GD Foods Manufacturing (India) shall now be a subsidiary of the Company. AWL Agri Business highlighted that, aligned with its vision to cater to the kitchen needs of Indian households, this acquisition offers a strategic advantage by expanding the company’s portfolio with a broad range of value-added food products.
“This deal reinforces Equirus’ capability in closing marquee transactions and Equirus adds another feather to its cap in the foods space after a deal in the food testing space, EFRAC, closed earlier this financial year,” Equirus said in a statement.
In the financial year 2024, GD Foods achieved a revenue of Rs 386 crore, growing at a three-year compounded annual growth rate (CAGR) of 15 per cent and recorded an earnings before interest, depreciation and amortisation (EBITDA) of Rs 32 crore, as per the exchange filing by AWL Agri Business.
“Upon fulfilment of terms and conditions as envisaged in the Share Purchase Agreement (SPA) and Shareholders’ Agreement (SHA), the Company has today (on April 16 2025), acquired 80 per cent of the issued and paid-up equity share capital of the target company,” AWL Agri Business stated in a regulatory filing earlier.
For AWL Agri Business, the transaction was supported by KPMG India Corporate Finance as financial advisor, PricewaterhouseCoopers Services LLP as the due diligence advisor, and Cyril Amarchand Mangaldas as legal counsel. For GD Foods, Equirus Capital acted as financial advisor and J Sagar Associates as legal advisor.
