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M&A Deal Summary

Hatsun Agro Acquires Milk Mantra

On January 20, 2025, Hatsun Agro acquired food company Milk Mantra from Eight Roads for 28M USD

Acquisition Highlights
  • This is Hatsun Agro’s 1st transaction in the Food sector.
  • This is Hatsun Agro’s largest (disclosed) transaction.
  • This is Hatsun Agro’s 1st transaction in India.

M&A Deal Summary
Date 2025-01-20
Target Milk Mantra
Sector Food
Buyer(s) Hatsun Agro
Sellers(s) Eight Roads
Deal Type Add-on Acquisition
Deal Value 28M USD

Target

Milk Mantra

Bhubaneswar, India
Milk Mantra produces a range of dairy products like milk, probiotic dahi, paneer, lassi and buttermilk under the engaging & challenger “Milky Moo” brand from its state of the art processing plant in Odisha. Milk Mantra was founded in 2009 and is based in Bhubaneswar, Odisha.

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Buyer(S) 1

Buyer

Hatsun Agro

Chennai, India
Category Company
Founded 1986
Sector Food
Employees5,222
Revenue 87.0B INR (2025)
DESCRIPTION

Hatsun Agro manufactures and markets dairy products including milk, curd, ice creams, dairy whitener, skimmed milk powder, ghee, paneer and more. Hatsun Agro was incorporated in 1986 and is based in Chennai, Tamil Nadu.

DEAL STATS #
Overall 1 of 1
Sector: Food M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
Country: India M&A 1 of 1
Year: 2025 M&A 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

Eight Roads

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1969
PE ASSETS 11.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Eight Roads is a private investment firm focused on a variety of investment opportunities across the US, Europe, and Asia. The Firm is divided into several investment strategies including venture, principal investing, and real estate. Within the principal investments group, Eight Roads backs established growth businesses with long-term capital. Eight Roads does not have any sector preferences, but has experience in fintech, business services, and healthcare. Eight Roads is based in London.

DEAL STATS #
Overall 118 of 124
Sector: Food M&A 1 of 1
Type: Add-on Acquisition M&A Deals 55 of 59
Country: India M&A 12 of 12
Year: 2025 M&A 3 of 9
Size (of disclosed) 20 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-17 Mineloader Software

Shanghai, China

Mineloader Software is a game developer and provider of art and animation to the gaming industry. Mineloader Software is based in Shanghai, China.

Sell $27M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-29 Quartet

New York City, New York, United States

Quartet provides software solutions, behavioral health and patients a new value-based care delivery model. Quartet was founded in 2014 and is based in New York City, New York.

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