Advent International launches sale of ‘Crax’ maker snacks firm DFM Foods

Fresh updates from the financial markets indicate that Global private equity firm Advent International has rolled out the sale process for portfolio firm DFM Foods, a packaged snacks firm popular for its flagship brand Crax, as the Shweta Jalan-led firm gears up for an exit, following nearly seven years of investment, people familiar with the matter told Moneycontrol.

“The process has now hit the market, and multiple suitors, including private equity funds and strategic players, are evaluating the opportunity and signing non-disclosure agreements," stated one of the persons above.

A second person confirmed the deal launch and further noted, “These are early days, and the plan is valuation discovery as the process progresses. It’s a profitable asset.”

According to a third person, “Indications are that Advent International is expecting a valuation in excess of $400 million for DFM Foods. Initial bids from interested parties can be anticipated later in October,” adding that the proposed valuation had not been finalised and could vary later depending on market conditions and deal discussions.

The three persons above spoke to Moneycontrol on the condition of anonymity.

An email query to Advent International and DFM Foods remained unanswered at the time of publishing this article.

The exit plans of Advent International were first noted by Moneycontrol on April 1, 2026.

The April 1 note stated, “It (the sale) is anticipated to see interest from both private equity suitors as well as strategic players eyeing the northern market where DFM Foods has firm visibility. The other possibility is a merger with a suitable candidate.”

Later on June 19, Moneycontrol noted that Avendus Capital and EY had been picked as sell-side advisors for the transaction.

In October 2019, Advent International acquired a majority stake in DFM Foods from the promoters and Westbridge Capital for around $118 million -$120 million. Later in January 2023, the PE fund successfully delisted DFM Foods and, as of March 31, 2025, held a 96.63 per cent stake in the portfolio firm.

When it comes to M&A in the domestic food segment, in recent times, market participants like Temasek, IHC and Alpha Wave Global, ChrysCapital, Vixar (formerly Arpwood Partners),  General Atlantic, Inspira Global and Marico have invested in target firms Haldirams’, Theobroma, Belgian Waffle, Balaji Wafers, Restaurant Brand Asia and 4700 BC, respectively.

Other strategics like ITC have bet on Yogabar & Prasuma, while Agro Tech Foods, the maker of ACT II Foods, acquired Del Monte Foods. Recently, Tata Consumer Products acquired an additional 5 per cent stake in Ching’s Secret maker Capital Foods Private Limited, raising its ownership in the firm to 80 per cent. MTR Foods maker Orkla India is additionally betting on acquisitions to bolster expansion. Know more around DFM Foods

Established in 1984, DFM Foods has plant locations in Ghaziabad, Greater Noida, Kashipur, Howrah, Hyderabad, Telangana and Varanasi.

As per a market note by Crisil Ratings dated August 22, 2025, the firm "is engaged in the business of manufacturing, selling, and marketing of packaged foods such as ready-to-eat packaged snacks, mainly corn-based extruded snacks and namkeen’s. DFM’s products profile consists of 18 distinct product variants and it sells under the brands ‘Crax’, ‘Curls’ and ‘Natkhat’."

The total manufacturing capacity of the firm stands at 48,400 million tonnes per annum, the report further noted.

"The business stays regionally concentrated with ~80% of revenues derived from northern India. With a wide and growing distribution network of over 1,700 distributors across India, DFM is additionally actively strengthening its presence in eastern markets as part of its geographic diversification strategy," a July report by Care Edge Ratings stated.

"During the year, the firm achieved robust topline expansion of 27.5 per cent, with total sales increasing from Rs 553.5 Crores to Rs 705.8 Crores. This performance was primarily fuelled by the impressive expansion in the new products introduced in the pellet category, improved market penetration, and expansion of the quick commerce channel," the snack maker's 2025 annual note stated.

As per the annual report, the new launches by DFM Foods include Choco Rings, Fritts Peri Peri, Biryani, Korean Noodles, Crax Peri Peri Ragi Chips and Crax Zero.

Referring to the firm's top line expansion, chairman Hemant Madhusudan Nerurkar stated DFM Foods had delivered a "standout performance, significantly outpacing peers in India’s competitive snacking landscape."

That stated, Nerurkar further noted in the annual report," Despite robust top-line momentum, elevated input costs, including sharp increases in raw materials, packaging, and customs duty on palm oil compressed our margins."

F&B M&A on the climb in India

Earlier this year, Advent International announced that it had agreed to invest $150 million for a minority stake in Iscon Balaji Foods Private Limited (IBF), a leading Indian manufacturer and exporter of processed frozen potato products.

Moneycontrol noted on April 23 that 360 One Asset Management, Fireside Ventures and Sixth Sense Ventures backed D2C wellness brand Vahdam India which sells green tea, herbal infusions and supplements, had initiated the process to sell a majority stake in the Noida-headquartered firm.

Moneycontrol additionally noted in February that popular gourmet donut chain Mad Over Donuts, founded by entrepreneur Lokesh Bharwani and operated by Himesh Foods Private Limited, had rolled out a stake sale process.

Another key transaction is the merger between Devyani International and Sapphire Foods ( both decline under the Yum! Brands umbrella) , which will consolidate KFC and Pizza Hut outlets across the country.