Peepul Capital buys Sumeru Foods for an undisclosed amount

Chennai based Peepul Capital has acquired complete control of Innovative Foods Ltd., brand owners of Sumeru from India Equity Partners for an undisclosed amount.

The group has acquired almost the entire share capital in the company while a small portion is with employees of the company who make Sumeru range of products.

The financial details of the transaction are not known, but it is learnt that the Peepul could have pumped in less than Rs 100 crore to take over the company.

Innovative Foods is a player in the frozen foods category. It has a wide ready-to-cook product basket from vegetables, vegetarian /non-vegetarian snacks (breaded products), poultry, seafood and non-traditional meats (such as pork).

"Sumeru" brand is available across India and select overseas markets. IFL also serves customized products for food service businesses across India and has built long-standing relationships with marquee chains such as McDonalds and KFC.

Sumeru was carved out of Amalgam Foods of Kochi and the Tatas bought into the company from whom India Equity Partners took the company over.

Presently the company operates at four locations and a consolidated installed capacity of 10,000 tonnes a year.