New Delhi: Rabobank-sponsored private equity (PE) fund has picked up about 40% stake in Olive Bar and Kitchen Pvt. Ltd for a consideration of Rs100 crore. India Agri Business Fund II became a significant investor in Olive by buying a stake from Aditya Birla Private Equity along with a few other selling shareholders.
“We have invested about Rs100 crore for the 40% in the company," Rabo Equity Advisors chairman Rajesh Srivastava said.
The investment is entirely secondary as the Olive group’s growth plans are funded by its strong accruals, the fund house said in a statement. The deal offers an opportunity for Rabo Fund to acquire stake in food services company Olive Bar & Kitchen Private with 33 outlets and revenues around ₹ 200 crore.
“The company is known to be backed by a robust back-end infrastructure, good internal controls and rigorous corporate governance practices... We see Olive as a great opportunity for scaling up our exposure in food services," he said. This happens to be the first investment in the food services sector by Rabo Fund in eight years. Rabobank is based out of the Netherlands.