Marico, the major consumer goods company, said Monday that it has acquired a 54 percent majority stake in the number one digital breakfast and healthy snack brand True Elements for an undisclosed amount. The local company acquired a 54 percent stake in HW Wellness Solutions, which owns the True Elements brand, through a primary diversion and secondary acquisition, according to a company statement.
She added that True Elements’ current leadership team will continue to independently manage the brand and build synergies. “The transaction will expand Marico’s presence in the healthy food sector and accelerate the digital transformation journey by adding another digital brand with a strong and differentiated offering to its portfolio,” Marico said in a regulatory filing.
During the appraisal, Mariko said the stock acquisition in HW Wellness was completed at a mutually agreed valuation of the pre-money corporation. “The assessment of the institution before the aforementioned money has not been disclosed for reasons of confidentiality,” she said.
True Elements, founded by Puru Gupta and Sreejith Moolayil, is the first digital brand of healthy breakfast and snacks. It is the only food brand in India that has been certified “Clean Label” and “100% Whole Grain” by leading non-profit organizations in the United States. It offers a range of more than 70 products covering the categories of Western Breakfast, Indian Breakfast, Snacks, among others.
True Elements products are available on over 90 online platforms and at over 12,000 retail outlets. Mariko MD and CEO Sujata Gupta said the acquisition of the majority stake is another step toward “expanding our overall routable market in the health food segment.”
“This adds another number one digital brand in our portfolio, which not only has a premium proposition but also showcases strong fundamentals along with a growing digital and offline presence,” he said. “We are delighted to have entered into a strategic partnership with Marico…Our next phase will focus on building the brand for the long term and accelerating our entry into new homes,” said Puru Gupta, CEO and co-founder of HW Wellness Solutions. Its turnover in the financial year 22 was 54.3 crore.
Marico, which owns popular brands such as Saffola, Livon, Hair & Care and Parachute, recorded a turnover of Rs 9,500 crore (US$ 1.3 billion) in FY22.
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