DK Business Network
Theobroma Foods Private Limited, known for its popular chain of patisseries across India, has sold most of its shares to investment firm ChrysCapital. The deal is valued at around ₹2,000 crore (about $233 million), and is subject to final approvals and standard closing conditions.
Founded in 2004 with a single store in Colaba, Theobroma has grown into a beloved national brand, operating over 250 outlets in more than 30 cities across India.
JSA Advocates & Solicitors acted as legal counsel to Theobroma, its shareholders, and ICICI Ventures. The firm provided comprehensive support across all aspects of the transaction, including due diligence, structuring, bid process advisory, and the negotiation and finalisation of definitive agreements.
The core team from JSA was led by Vikram Raghani (Partner), along with Yashvi Singh (Partner), Rishabh Gupta (Partner), Shubham Shahi (Senior Associate), and Darshin Pareekh (Associate).
Specialist support included:
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Competition law: Vaibhav Choukse (Partner), Ela Bali (Partner), and Nripi Jolly (Principal Associate)
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Data privacy law: Probir Roy Chowdhury (Partner) and Nikhil George (Associate)
Agram Legal Consultants advised the promoter family Ms. Kainaz Messman, Ms. Tina Wykes, Mr. Farokh Messman, and Mrs. Kamal Messman on the transaction. The firm assisted the family on key aspects related to their minority protection and played a significant role in the negotiation and finalisation of transaction documents. The team was led by Vaishali Sharma (Managing Partner).
ChrysCapital was advised by Shardul Amarchand Mangaldas & Co. The transaction was led by Karun Prakash (Partner), with assistance from Anant Dang (Partner), Rohan Arora (Partner), Anshul Chopra (Principal Associate), Rahul Shukla (Principal Associate), Bhavna Hemrajani (Senior Associate), Aradhana Parmeshwar (Associate), and Anushka Gupta (Associate).
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