Adyar Ananda Bhavan Sells Majority Stake To Bodhi Tree For $180M
Chennai-based restaurant and sweets chain Adyar Ananda Bhavan (A2B) has sold a majority stake to Bodhi Tree Systems for $180 million, in one of the largest deals in India’s food services sector. Bodhi Tree is an investment and operating platform founded by James Murdoch’s Lupa Systems and former Star India and Disney executive Uday Shankar, who will chair A2B’s new board. A2B called the deal a strategic partnership, and said the money will fund its expansion in India and overseas, digital capabilities and modernisation.
A2B operates about 160 outlets across Tamil Nadu, Karnataka, Andhra Pradesh and Puducherry, and 30 outlets abroad. The companies did not disclose the size of the stake sold or the valuation. A2B is Bodhi Tree’s third investment, after a 36% stake in Allen Career Institute and a strategic investment in JioStar.
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