KENYA— Britannia Industries, India’s largest bakery firm, has acquired a 51% stake in Nairobi-based Kenafric Biscuits and acquired full control of Britania Foods.

In a filing with the Bombay Stock Exchange, Britannia Industries noted the deal was instigated by its subsidiary Britannia and Associates (Dubai), or Badco, for INR92m (US$1.1m).

Concurrently, Britannia Industries has fully acquired all of the shares in Catalyst Britania Brands, described in the same filing as the investment company owning the Britania brand in Kenya.

The Indian food firm, which also supplies bread, cakes and dairy products, pointed out there is no connection between Britannia and Britania.

Jambo Biscuits became Britania Foods in 2017 when it was acquired by Nairobi-based private-equity firm Catalyst Principal Partners, after which it was rebranded as Catalyst Britania Brands.

Britania Foods Limited, was initially put under administration in 2021 in after defaulting on loans of more than Ksh1.3 billion (US$11m) sourced from suppliers and creditors. After failure to settle the mounting debt, the company was then put up for sale early this year.

Britania, which started out as a small bakery, has been in operation for 34 years, during which it grew into one of Kenya’s biggest local confectionery brands. Kenafric was founded in 1987 by the Chedda family and also makes confectionery and juices, according to its website.

Britannia Industries, meanwhile, announced last week that Rajneet Kohli would become its CEO. Managing director Varun Berry was appointed vice chairman, having run the company since 2013, but would remain as MD.

The business supplies the Indian market and 80 destinations worldwide in North America, Europe, Africa, south-east Asia and the Middle East. Brands include Good Day, Tiger, NutriChoice, Milk Bikis, Marie Gold and Little Hearts.

Britannia Industries’ first-quarter revenues increased 9% to INR37.6bn (US$460m) but net profit fell 13% to INR3.3bn (US$40m). Profit in the previous full fiscal year was down 9% at INR16bn (US$195m) based on revenue of INR137.3m (US$1.6m), which rose 8.4% over the corresponding period.

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