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HUL to sell Annapurna and Captain Cook brands in $7.3m deal
FoodBev Media

FoodBev Media

21 February 2023

HUL to sell Annapurna and Captain Cook brands in $7.3m deal

Hindustan Unilever Limited (HUL) has signed an agreement for the sale of its atta (flour) and salt business for INR 60.4 crores (approx. $7.3 million). The deal will see the Annapurna and Captain Cook brands sold to Uma Global Foods and Uma Consumer Products, which are subsidiaries of Singapore-headquartered company, Reactivate Brands International. The move aligns with HUL's intention to exit "non-core categories," while focusing on the growth of its packaged foods business, which includes dressings and soups. According to HUL, the deal envisages the transfer of trademarks, copyrights and other intellectual properties associated with India and several other geographies. HUL will continue to manage the business until the transaction is completed. Sanjiv Mehta, CEO and managing director of 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's best interest to sell these brands to Reactivate Brands International, which is well-positioned to unlock their full potential." Ashok Vasudevan, co-founder of Uma Global Foods, added: "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." The deal is subject to customary closing conditions.

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