Bahrain-based alternative asset manager Investcorp has invested $11.3 million in Intergrow Brands Private Limited, a subsidiary Synthite Industries, the world's largest producer of value-added spices Synthite.
Synthite is based in India and has operations in China and the Unites States, with customers from global food, cosmetic and pharmaceutical firms in Europe and US
Synthite’s subsidiary, Intergrow, has products ranging from packaged spices, marinades, sauces and seasonings to premium gourmet food and tea. It was launched in 2014 and it is today the second largest player in Kerala’s packaged spices market, according to Investcorp.
“Intergrow is a unique food technology platform with unmatched research and development capabilities…We are impressed with the team’s ability to develop new innovative products for the Indian market and provide quality products to consumers,” said Girish Nadkarni, Partner and Co-head of Private Equity for Investcorp India in a statement.
Investcorp, which manages more than $28 billion globally, raised INR 1,000 crore in its maiden private equity India fund that focuses on healthcare, consumer and financial services sector
The investment in Intergrow falls in line with Investcorp’s strategy of investing in firms with “sustainable growth prospects in the consumption driven Indian market”, the statement said.
(Writing by Nada Al Rifai; Editing by Seban Scaria
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