Advent Eyes DFM Foods Exit Amid Snacks Boom

Advent International is nearing the completion of its divestment from DFM Foods, the company behind the popular Crax snack brand. As of July 2026, Advent is in advanced discussions to sell its substantial 96.63% ownership. Several prominent consumer goods corporations, including ITC, Marico, Britannia, Lotte, and Liwayway Foods, along with private equity investors like Kedaara Capital and CVC Capital Partners, are reportedly involved in the negotiations.

This potential acquisition is expected to be finalized by December of this year. DFM Foods has demonstrated robust financial performance, with total sales rising by 27.5% to ₹705.8 crore in FY25, and experiencing over 30% growth in FY26. The company, established in 1984, manufactures a range of snacks beyond Crax, such as Curls, Fritts, and Natkhat, across multiple factory locations.

The Indian packaged snacks market is currently experiencing heightened merger and acquisition activity. This trend is fueled by intensifying competition, the rise of digital-first and regional brands, quick commerce expansion, and a growing consumer preference for health-conscious options. This environment has led to significant investment, with other major players like Haldiram Snacks Food and Balaji Wafers also attracting external investors in recent periods.