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R&A Foods acquires Mumbai’s Pico Express pizza chain


The 11 outlets will be rebranded as Paninaro as part of 22 planned for Mumbai & a later expansion to Delhi, Pune, Bengaluru & Hyderabad.

Mumbai-based R&A Foods, which owns QSR brands Paninaro and Pronto, has acquired Pico Express, an 11-store Mumbai QSR brand in an all-stock deal.

Aditya Parikh, director of R&A Foods, did not disclose the financial details of the deal, but said R&A Foods is valued at INR 30 crore after the transaction. Also, Nilgai Foods, the parent company of Pico Express, has now become a significant stakeholder in R&A Foods.

As per the terms of the deal, Pico Express outlets will be rebranded as Paninaro – a health food brand – in the coming months. At present, Pico Express has 11 outlets across Mumbai.

The plan is to have 22 Paninaro outlets in Mumbai by the end of the year, after which it will expand the brand to Pune, Bengaluru, Delhi and Hyderabad. Post rebranding, there will be 13 Paninaro outlets in Mumbai along with a food truck under the same brand.

“With the addition of the Pico outlets, Paninaro will now be in a unique position to capitalise on the growth of the healthy QSR segment. Our goal is to provide fresh, healthy food to every commercial district within Mumbai and with our combined footprint, we will be able to do just that,“ said Parikh.

“In some areas of our operation, we saw that there was overlap in business and bringing the two brands together would bring in cost efficiencies. Moreover, our ethos and customer segment is identical,“ said Abhay Jaiswal, CEO, Nilgai Foods.

Started in 2011, Nilgai Foods is an integrated foods business that manufactures and sells jams, sauces, dips, dressings and baked goods under the brand name of Pico through a network of third-party retailers across Mumbai, Delhi and Bengaluru. “Nilgai will now focus on processed foods and, in a couple of months, expand the retail footprint to more cities,“ Jaiswal said.

Source: Economic Times

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