Hindustan Unilever has announced that it has exited the atta and salt business carried out under the brands Annapurna and Captain Cook respectively.
The sale has been made to Reactive Brands Internationals' Uma Global Foods and Uma Consumer Products. Reactive Brands is an affiliate of CSAW Aqbator (Singapore), which is focused on acquiring and scaling up food brands to promote affordable wellness.
The sales are part of HUL"s decision to exit non-core categories while focusing its growth in the packaged foods business of dressings, scratch cooking and soups.
The deal consists of the transfer of trademarks, copyrights and other intellectual properties associated with India and several other geographies. The transaction is subject to customary closing conditions. HUL will continue to manage the business until the completion of the transaction.
Sanjiv Mehta, CEO and managing director, HUL, said, “Launched more than two decades ago, Annapurna and Captain Cook enjoy strong equity. Given our strategic priorities and portfolio choices, we believe it is in the business' best interest to sell these brands to Reactivate Brands International, which is well-positioned to unlock their full potential.”
Ashok Vasudevan, co-founder, Uma Global Foods, said, “We are delighted to bring Annapurna and Captain Cook into our portfolio. Both these brands have a long history of providing high quality food products to Indian consumers. We are confident of scaling them up and expanding globally, leveraging founders’ experience. These brands fit well with our mission to promote affordable wellness.”
