PE firm New Silk Route in final stages to sell stake in Moshe's Fine Foods
    PE firm New Silk Route in final stages to sell stake in Moshe's Fine Foods - Economic Times
    The PE investor picked up a majority stake in Moshes in October 2013, under its South Asia Gastronomy Enterprises LLC, a food and beverage portfolio company and platform.

    NEW DELHI: Private equity firm New Silk Route is in the final stages of selling its majority stake in food and beverages company Moshe’s Fine Foods, which owns and operates the Moshe’s brand of cafes and restaurants, taking a significant haircut in the process.According to two sources with direct knowledge of the developments, Asia-focused NSR , which manages assets of about $1.4 billion, has reached an agreement to sell its 90% stake in 13 year-old Moshe’s to Mumbai-based INDASDA Group, for Rs 15-20 crore, a massive markdown from the PE firm’s overall investment in the company, which is estimated at Rs50 crore.The PE investor picked up a majority stake in Moshe’s in October 2013, under its South Asia Gastronomy Enterprises LLC, a food and beverage portfolio company and platform, The INDASDA Group, which has been founded by husband and wife duo Mathew Antony, who was formerly with container shipping giant Maersk Line, and Divya Cyriac, focuses largely on distressed assets.However, according to the sources cited earlier, Moshe Shek , the founder, who holds remaining 10% of the company, is yet to sign off on the transaction.Shek, who is currently outside the country, is also believed to have had differences earlier with NSR over the direction and growth of the company, the sources said, adding that the founder, who does not have veto power to scupper the deal, may, however, consider legal options This could, however, not be independently verified by ET.When contacted by ET, both NSR and Antony refused comment.Shek did not respond to emails and text messages.Mint was the first to report that NSR was looking to offload its stake in the restaurant chain last month.NSR, which is also an investor in Coffee Day, had also picked up a controlling stake in Vasudev Adiga's Fast Food, the reputed the South Indian restaurant chain.However, in September, ET reported that the promoters of Adiga’s restaurant chain have expressed their willingness to negotiate a settlement to sell their remaining 40% stake in the company to NSR for Rs 50 crore.Moshe’s, a Mediterranean cuisine-focused chain, runs 14 outlets across Mumbai and Pune under Cafe Moshe brand.

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