The Everstone Group has completed the acquisition and transfer of Hindustan Unilever Ltd’s (HUL) bread and bakery business under the brand ‘Modern’ and has made top-level management changes in the firm, including appointing senior business leader Kuldip Kaura as Chairman of the board.
It also appointed Aseem Soni, former Cargill Foods executive, as its new CEO with immediate effect.
The definitive closure of the deal for the acquisition of Modern for an undisclosed amount was announced by HUL and Everstone on April 1, 2016, after both parties secured the necessary statutory approvals and clearances. The deal completion sees the sale and transfer of the ‘Modern’ brand and business on an ongoing concern basis to Modern Food Enterprises Private Ltd, as the business will now be known.