Hotline: 1800 102 2007
X
Search Business Opportunities
Nov, 24 2017

Lotte Confectionery Acquires Havmor Ice Cream Brand

LOTTE Confectionery plans to expand its market power from the northwest region to all across India with this entry into the Indian ice-cream market

Home-grown ice-cream brand Havmor announced its acquisition by Lotte Confectionery for Rs 1020 cr. Promoters of Havmor Ice Cream Ltd. (HIL) have agreed to a 100% acquisition by Lotte Confectionery.

Lotte Confectionery has decided to acquire 100% of shares of HIL during its Board of Directors meeting held on November 23. Post-acquisition of Havmor, Lotte Confectionery will start its ice cream business in the Indian market that boasts a population of approximately 1.3 billion customers. The Share Purchase Agreement has been executed in the afternoon of November 23. LOTTE Confectionery plans to expand its market power from the northwest region to all across India with this entry into the Indian ice-cream market.

HIL was founded in 1944 and is headquartered in Ahmedabad, Gujarat. Havmor boasts a unique product portfolio with a significant parlor network operating across 14 states in India. The company manufactures 150 kinds of products from two plants and sells from around 30,000 dealers.

Meanwhile, Lotte Confectionery was one of the first Korean food and beverage companies to enter the Indian market in 2004. Since then, the $80 bn Lotte Confectionery has succeeded in localization by establishing large scale choco-pie factories in Chennai and Delhi. Last year, Lotte Confectionery reached a market share reached 90% in the Indian choco-pie market by making active investments.

Chairman Pradeep Chona and MD Ankit Chona said “This decision was a very difficult one to make. It’s a brand that we have nurtured with our team for over 73 years. But we believe that LOTTE Confectionery is the right brand to take the company to the next level. Havmor will continue to operate its signature chain of restaurants and eateries across Gujarat as well as its signature brand and concept café Huber & Holly”.

Havmor worked with its sole financial advisors KPMG, alongside Veritas Legal and Dhruva Tax consultants on the deal. The entire deal will be concluded in a weeks’ time.

Comment
Related opportunities
  • Skills / Personality Development
    About Us: INIFD Gurukul, a wholly owned concern of NIFD Limited,..
    Locations looking for expansion punjab
    Establishment year 2018
    Franchising Launch Date 2018
    Investment size Rs. 2lac - 5lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater chandighar punjab
  • Vymigrate is one of Australias' Leading Immigration firms providing a..
    Locations looking for expansion Karnataka
    Establishment year 2002
    Franchising Launch Date 2017
    Investment size Rs. 20lac - 30lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Bangalore Urban District Karnataka
  • Premium Coffee & Tea Since 1963 carefully nurtured from seed..
    Locations looking for expansion Maharashtra
    Establishment year 2000
    Franchising Launch Date 2014
    Investment size Rs. 50lac - 1 Cr.
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Others Dealers And Distributors
    Oswaal Books is India’s fastest growing publishing house, started by..
    Locations looking for expansion Delhi
    Establishment year 1984
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities