18 April 2020

BDA advises Rich Products on the acquisition of Rich Graviss, India

acquired Rich Graviss


BDA Partners is pleased to announce that its client, Rich Products Corp (“Rich’s”), has acquired the outstanding 50% stake in its fast-growing Indian JV, Rich Graviss Products (“Rich Graviss”).

Rich Graviss, based in Mumbai, is a market-leading provider of products for food service and in-store bakeries. The seller was Rich’s JV partner Graviss Group. BDA Partners was the exclusive financial advisor to Rich’s on the transaction.

Rich Graviss is the longstanding Indian leader in non-dairy toppings, icing, and cooking creams. Rich’s will continue to grow this bakery and food service business. India has been a key growth market for Rich’s and continues to be a high priority.

Euan Rellie, Senior Managing Director, BDA Partner, said: “We’re pleased to have advised Rich’s on the successful acquisition of Rich Graviss. We expect the business to flourish under Rich’s ownership. This transaction continues the strong momentum for our Consumer practice. We consistently achieve good outcomes for our blue-chip clients in the food industry. Today’s turbulent markets represent an opportunity for strong global players to grow their business in the Asian markets. India is poised for outstanding growth over the medium term.”

Kumar Mahtani, Managing Director & Head of the Mumbai office at BDA Partners, commented: “The Rich Graviss transaction is a good example of global strategic interest in the domestic Consumer market in India. Even in the current difficult environment, we see strong cross-border interest from multinational companies that will continue to drive Indian M&A activity.”

About Rich Products

Rich’s, also known as Rich Products Corp, is a family-owned food company dedicated to inspiring possibilities. From cakes and icings to pizza, appetizers and specialty toppings, Rich’s products are used in homes, restaurants and bakeries around the world. Beyond great food, customers also gain insights to help stay competitive, no matter their size. Rich’s portfolio includes creative solutions geared at helping food industry professionals compete in foodservice, retail, in-store bakery, deli, and prepared foods. Working in 100 locations worldwide, with annual sales exceeding US$4 billion, Rich’s is a global leader with a focus on everything that family makes possible. www.richs.com

About Rich Graviss

Rich Graviss is a collaboration between Rich’s and Graviss Group. The joint venture came into existence in 1996 with the launch of Rich’s Whip Topping, a non-dairy whipping cream, mainly catering to the Indian bakery industry. It became the first-ever, and the largest-selling, non-dairy whip topping in the country. Since then, its market reputation and business growth have elevated. Today, Rich Graviss produces a wide range of products for both the bakery and the food service segments. It caters to more than 150 cities, across 27 Indian states, through a highly competent cold chain distribution network. www.richs.in

About BDA

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 20 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets. www.bdapartners.com

US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc., a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc. is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd. is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors.