Roha Dyechem, a manufacturer of synthetic and natural colours, has paid an undisclosed sum for Saraf Foods, a freeze-dried agricultural product company. The transaction allowed promoter Suresh Saraf and his family, as well as the company’s existing financial investors, to exit. The Vadodara-based firm has received early backing from Danish investment fund IFU, early stage venture capital fund DSG Consumer Partners, and UK-based Pedoria Group.
Saraf Foods, based in Vadodara, began production in 1993 with a Rs 1.25 crore investment from Gujarat Venture Finance (GVFL). In 2005, GVFL exited the company. Though it began with freeze drying, it later expanded into air drying and launched its own brand of vacuum freeze-dried snacks (HALO).
While DSGCP supported the company from its first fund in 2013, IFU joined as a new investor in 2018.
Roha Dyechem, based in Mumbai, claims to serve some of the biggest names in the FMCG, pharma, food & beverage, and industrial colours industries. The company is present in approximately 22 countries.
The overall specialty chemicals and colours market has seen a number of transactions in recent years. Oterra, a supplier of natural colours, announced in July that it had acquired Akay Group, a manufacturer of natural ingredients, for an undisclosed sum. This was Oterra’s fourth acquisition since last year.
This was Oterra’s fourth acquisition since last year. Azelis, a specialty chemicals and ingredients company, agreed to buy a majority stake in the aroma chemical distributor Ashapura Aromas. in June. The transaction is expected to have cost $150 million.
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