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Advent hunts buyers for Crax maker DFM Foods, targeting December close
Our read
A strategic FMCG buyer edges out PE for DFM Foods at a premium snacks-market multiple, closing near the December target
For operators
A change of control at DFM Foods is imminent, so lock in supplier terms and retain key Crax brand and distribution talent before the December close creates disruption.
Watch
Binding bid submissions and shortlist leaks
The report,
Advent International is seeking to exit DFM Foods, maker of Crax snacks, selling its 96.63% stake to strategic or PE buyers including ITC, Marico and Britannia, targeting December close amid surging Indian packaged-snacks M&A activity.
Reported figures
From the report. Source details below
| FY25 sales | Rs 705.8 crore |
|---|
Also in the report
- $118.8 million (2019 buy)
- snacks market Rs 50,590 crore (2025)
Other figures
- 27.5% sales rise
- 30%+ FY26 growth
- Rs 103,556 crore by 2034
- 8.28% CAGR
Why it matters to operators
With ITC, Marico and Britannia all circling DFM Foods, expect competitive bidding to compress your window—move now if Crax fits your snacks portfolio thesis.
What to watch next
- Reported enterprise value / EV-to-sales multiple vs FY25 Rs 705.8cr base
- CCI/regulatory filing if strategic buyer triggers overlap review
- December close confirmation or slippage announcement
- DFM margin and volume data for H1FY26 supporting valuation
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- ITC and Britannia run parallel diligence to defend/expand namkeen and extruded-snacks share
- Marico weighs bid as beachhead into savory snacks beyond edible oils/foods
- Advent locks binding bids and structures management retention to preserve DFM's growth trajectory
- Rival snack players (Haldiram, Bikaji, Prataap) accelerate their own M&A or capacity moves
The counter-case
The case against this reading — not reported by the source.
A near-total exit (96.63%) after a multi-year hold signals Advent may see limited upside left, not confidence in the asset. FY25 sales of Rs 705.8 crore make DFM a subscale player in a Rs 50,590-crore market fragmented against giants like PepsiCo, Haldiram's and ITC. The 27.5% topline growth says nothing about margins, which are chronically thin in packaged snacks amid commodity (palm oil, potato) inflation and brutal price competition. 'Targeting December close' and 'courting bidders' is deal-marketing language, not a signed transaction—strategics like ITC, Marico and Britannia frequently kick tires on assets they don't buy. Marico and Britannia have distinct core competencies (edible oils/personal care, biscuits) where Crax is a bolt-on of questionable strategic fit; a walk-away or a markdown on valuation is entirely plausible.
The source
First seen