mtr-foods-sells-for-100-million

MTR Foods sells for $100 million

Norwegian Orkla ventures into India with the acquisition of MTR Foods, providing private equity firms JPMorgan Partners and Aquarius with a profitable exit.

Sameera Anand

February 12, 2007

MTR Foods has been sold to Orkla of Norway, concluding a deal under speculation for the better part of 2006. The sale of the company for an estimated $100 million, provides a good return and exit to private equity investors, JPMorgan Partners and Aquarius India Fund.

Sources close to the deal say terms of the sale were finally agreed on February 9 at a price of around $100 million. A formal announcement, including a stock exchange filing by Orkla, is expected by February 13.

The company is expected to register a turnover of Rs1.65 billion $37.6 million for fiscal 2006-07. This implies a forward price-to-turnover multiple based on the price of $100 million, of...

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