Heritage Foods acquires 51% stake in health ice cream maker Get-A-Way for ₹9 crore; shares up over 2%

The acquisition is expected to be completed within 45 days from the date of board approval, subject to the fulfilment of conditions under the share purchase agreement, Heritage Foods said in a regulatory filing. No governmental or regulatory approvals are required.

Heritage Foods will enter into a share purchase agreement with Sky Gate Hospitality Pvt Ltd, which currently holds the 51% stake being acquired, and execute a definitive agreement with Peanutbutter and Jelly and its promoters.

The remaining 49% will be held by the existing promoters of the target company, who will continue to manage operations.

Heritage Foods will acquire an additional 20% stake from the promoters after March 2026 at a valuation prevailing at that time. The target company will become a subsidiary of Heritage Foods following the acquisition.

Peanutbutter and Jelly reported revenue of ₹7.89 crore in the financial year ended March 2023, ₹14.80 crore in fiscal 2024, and ₹18.08 crore in fiscal 2025, the company said.

Get-A-Way specialises in high-protein, no-added-sugar ice creams and desserts, targeting health-conscious consumers in India's fast-growing premium dessert market.

"This partnership brings together our three decades of dairy expertise and manufacturing excellence with Get-A-Way's innovative product portfolio," Brahmani Nara, Executive Director at Heritage Foods, said.

Founded in 2018, Get-A-Way uses whey protein in its formulations and natural sugar alternatives instead of traditional sweeteners.

The deal is part of Heritage Foods' Vision 2030 strategy to expand beyond traditional dairy products into functional food categories.

"With Heritage Foods' manufacturing scale and distribution strength, we are poised to expand our footprint across India," Jash Shah, co-founder and CEO of Get-A-Way, said.

About Heritage Foods

Heritage Foods Limited is one of the leading names in the dairy and agri-products sector. The company is one of the largest private sector players in the dairy industry in South India.

The company, established in 1992, has three main business divisions: dairy, retail, and agri products. The company has a significant presence in southern states. The company has also diversified into the bakery and renewable energy segments.

The company sells a wide variety of bakery and dairy products. Its dairy product range includes full cream milk, toned milk, double toned milk, cow milk, ghee, curd, paneer, fresh cream, lassi, ice cream, and frozen desserts.