PE firm buys over 35% of iD Fresh Food

MUMBAI: London-based private equity (PE) firm Apax Partners has picked up an over 35% minority stake in iD Fresh Food in a deal pegged at more than Rs 1,500 crore, said people aware of the matter. As part of the transaction, Apax Partners has acquired some stakes from the company’s existing shareholders Premji Invest and TPG NewQuest, giving them partial exits. ID Fresh Food and Apax Partners did not disclose the financial specifics and contour of the deal. Bengaluru-based iD Fresh Food makes idli, dosa batter and a range of other items such as Indian flatbreads and value-added dairy products, operating in the convenient foods space, a category that has been finding traction among consumers.