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The acquisition possibility of The Belgian Waffle

Valuing the homegrown dessert and waffle brand ‘The Belgian Waffle Co.’ between INR 350 - 500 crores, discussions are at an advanced stage between global Funding firm Norwest Venture Partners (NVP) and the Bloombay Enterprises to sell via a minority stake sale in the firm.

This comes after talks with another venture firm ChrysCapital fell through due to stake disagreements. I had passed on a brief info in my last blog on Theobroma acquisition. As posted, the talks with ChrysCapital focused on majority stake sale but the Bloombay Enterprises promoters could not agree to this. 

The brand ‘The Belgian Waffle Co.’ operates around 650 units in more than 200 cities across India. The company's operating structure is a mix of company-owned and franchise-led formats.

Belgian Waffle has also expanded to spreads and pre-mix categories, mirroring strategies of various quick service restaurants and cafe chains entering the ready-to-eat business to few cells in a subdued market.

As per the filings, the chain reported revenues of INR 224 crores in FY 24 from INR 148 crores in FY 23.

It is not clear yet and maybe a little premature to judge as to what percentage of stake NVP is vying for in the Bloombay Enterprises. But what it represents is an exhibition of the immense potential of F&B brands in the market. It is a given that investors' interest is picking up in dining-out space and there are signs of revival in the sector. 

Investors are not only looking at established names but are also evaluating fast-growing players like Nik Baker’s and regional QSR chains, including a North-based pizza brand that has caught the eye of potential backers.

As and when the deal is finalised, one way or other, I shall update the article.

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