Kirkland & Ellis, Khaitan & Co along with Trilegal advised Apax Funds on strategic investment in iD Fresh Food.
As part of the transaction, the Apax Funds will acquire a significant minority stake in iD Fresh Food from existing shareholders, including Premji Invest and TPG NewQuest, both of which will continue as investors alongside the company’s co-founder PC Musthafa and the management team.
Kirkland & Ellis acted as international counsel to the Apax Funds. The Kirkland team included corporate lawyers Adarsh Varghese and Srinivas Kaushik.
Khaitan & Co advised Apax Partners on the Indian law aspects of the transaction.
The deal team consisted of Kartick Maheshwari, Nayantara Kutty, Harsh Khemka, Aishwarya Nagpal, Ishita Agarwal, Prankul Boobana, Pranav Pramod and Ayush Gattani with assistance from Deepak Kumar (Employment Law), Shailendra Bhandare (Intellectual Property), Sudipta Bhattacharjee and Brijesh Kothary (Indirect Tax), Shabnam S. (Employee Benefits) and Vanita Bhargava (Regulatory).
Trilegal acted as the exclusive legal advisor to Premji Invest and TPG NewQuest on their partial exit from iD Fresh Foods (India) Private Limited to Apax Partners. Apax Partners acquired approximately 35% stake in iD Fresh Foods (India) Private Limited through a combination of secondary share purchases and a primary investment in the Company, for approximately INR 1,500 crores.
Trilegal provided comprehensive legal support on the deal, including conducting a vendor due diligence on the Company, and advising Premji Invest and TPG NewQuest across all aspects of the transaction, including transaction structuring and the drafting, review, negotiation and finalisation of the transaction documents.
The Transaction team on the deal was led by Partner Ankit Kejriwal and comprised Senior Associate: Rutvij H. R. Naik; and Associates: Aakanksha Ranjan and Dhanush T.
The Due Diligence team on the deal was led by Partners Ankit Kejriwal, Kirti Balasubramanian and Kanishka Maggon and comprised Senior Associate: Rutvij H. R. Naik; and Associates: Atishay Jain, Shalika ., Dhanush T, Hitarth Parikh and Jakeer Hussain.
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