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Everstone eyes $61 mn for Subway expansion
Mint Mumbai
|July 05, 2023
F&B platform Culinary Brands is in advanced talks with several PE firms
homegrown private equity (PE) firm Everstone Group, the master franchisee of Subway in India, Bangladesh and Sri Lanka, is scouting for more alternative investors to its food and beverage platform to support an ambitious retail expansion of the US quick service restaurant chain in these markets, two people aware of the matter said.
Everstone's F&B platform Culinary Brands is in advanced stages of talks with several PE firms to raise about $61 million (around ₹500 crore), one of the persons cited above said requesting anonymity. The deal may value the platform at nearly $200 million, the person added.
Norwest Venture Partners will likely lead the round with a contribution of ₹300 crore, the person said, adding that the family office of an unidentified CocaCola bottler would invest ₹100 crore.
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