New Silk Route to buy 51% stake in Mumbai Chain Moshe’s cafe.
Private equity firm New Silk Route (NSR) is set to acquire Mumbai's restaurant chain and swish cafe Moshe's. NSR, a $1.4-billion India focused fund, will buy over 51% stake in Moshe's and ramp it up as the food services provider charts national expansion plans in the next few years.
The 44-year-old Indian Jew Moshe Shek started this quintessential south Mumbai chain in the millionaire boulevard of Cuffe Parade a decade ago. It currently runs a network of ten upscale Mediterranean cafes and restaurants branded Moshe's in Mumbai. Investment bank Lodha Capital Markets advised on the transaction, which is awaiting final formalities.
The deal is part of NSR's ambitions to build a platform of Indian food and beverage companies in which it would buy controlling stakes. Last year, it acquired majority shares in south Indian fast food chain Adiga's , with an expanding foot print in Bangalore .
NSR, also an investor in the parent of Cafe Coffee Day, has set aside $100 million to fund the F&B platform, which is incorporated into a private company holding shares in a slew of operating assets.
Mr. Jacob Kurian, Partner, New Silk Route, said “the fund was in discussion with Moshe's without divulging details. “