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Rabo Equity's first full exit in nearly five years from Daawat stake

Source: vccircle.com

TL;DR

Rabo Equity Advisors fully exited its 29.81% stake in Daawat Foods, LT Foods' subsidiary.
Sold to United Farmers Investment Company for $17.23 million in May 2020.
Marks the firm's first full exit in nearly five years from an early investment held since 2009.[[1]](https://www.globalprivatecapital.org/newsroom/rabo-equity-exits-29-81-stake-in-indias-daawat-foods-for-usd17-23m)[[2]](https://www.vccircle.com/how-was-pe-firm-rabo-equity-s-first-full-exit-in-nearly-five-years)

The story at a glance

Food- and agriculture-focused PE firm Rabo Equity Advisors divested its entire holding in Daawat Foods, the subsidiary of listed rice exporter LT Foods Ltd. The buyer was United Farmers Investment Company, a subsidiary of Saudi Agricultural and Livestock Investment Company (SALIC). This deal, reported on May 22, 2020 by VCCircle, ended a roughly 11-year investment and was Rabo Equity's first full exit in nearly five years.[[1]](https://www.globalprivatecapital.org/newsroom/rabo-equity-exits-29-81-stake-in-indias-daawat-foods-for-usd17-23m)[[3]](https://www.just-food.com/news/saudi-arabias-salic-acquires-minority-stake-in-indias-dawaat-foods)

Key points

Rabo Equity, via its India Agri Business Fund sponsored by Rabobank, acquired the 29.81% stake (plus 0.1% from REAL Trust) in Daawat Foods around November 2009.[[4]](https://www.icra.in/Rating/ShowRationalReportFilePdf/4578)[[5]](https://ltfoods.com/ltfoodscms/uploads/pressrelease/pdf/pressrelease_1730716470.pdf)
Daawat Foods markets the Daawat rice brand and is majority-owned (70.09%) by Mumbai-listed LT Foods Ltd, with no change to LT Foods' ownership from the transaction.[[1]](https://www.globalprivatecapital.org/newsroom/rabo-equity-exits-29-81-stake-in-indias-daawat-foods-for-usd17-23m)
Sale completed for $17.23 million (about Rs 154 crore at the time), providing a "rewarding exit" after close to 10 years of partnership.[[1]](https://www.globalprivatecapital.org/newsroom/rabo-equity-exits-29-81-stake-in-indias-daawat-foods-for-usd17-23m)[[3]](https://www.just-food.com/news/saudi-arabias-salic-acquires-minority-stake-in-indias-dawaat-foods)
This was one of Rabo Equity's earliest consumer-facing investments; the firm focuses on mid-market food and agri businesses in India.[[2]](https://www.vccircle.com/how-was-pe-firm-rabo-equity-s-first-full-exit-in-nearly-five-years)

Details and context

Rabo Equity Advisors manages Rabobank-sponsored funds like the $120 million India Agri Business Fund I (launched 2008), which backed Daawat among others such as Prabhat Dairy and LT Foods directly. The firm had part-exited LT Foods earlier but held this Daawat stake longer, aligning with its patient capital approach in the sector.[[6]](https://www.livemint.com/Companies/RXnp4RSV1ONPFnjA5PULmK/Rabo-Equity-Advisors-invest-Rs-140-crore-in-LT-Foods-organi.html)

Prior full exits were scarce; reports note no complete divestments since around 2015, making this significant amid a slow PE exit environment in Indian agri. A later 2020 exit from packaging firm Vacmet (via promoter buyback for Rs 140 crore) followed, but Daawat was flagged as the first full one in years.[[7]](https://www.financialexpress.com/business/industry-rabo-equity-sells-entire-21-7-stake-in-vacmet-for-around-rs-140-crore-2102588)

LT Foods, known for basmati rice exports to over 65 countries, benefited from Rabo's sector expertise during the hold period, including a 2018 follow-on of Rs 140 crore ($20 million) in an organic arm.[[8]](https://www.vccircle.com/rabo-equity-to-invest-20-mn-in-lt-foods-organic-products-arm)

Key quotes

“It gives us lot of satisfaction to provide a rewarding exit to the Rabo Fund which has been a partner with us for close to 10 years and have added to our growth with its immense knowledge of this sector.” — Ashwani Kumar Arora, Managing Director & CEO, LT Foods Ltd.[[3]](https://www.just-food.com/news/saudi-arabias-salic-acquires-minority-stake-in-indias-dawaat-foods)

Why it matters

This exit highlights liquidity challenges for agri-PE in India, where long holds (over a decade here) are common due to sector cycles and limited buyers. For investors, it shows mid-market funds can deliver returns through strategic sales to global players like SALIC, though multiples remain modest without disclosed investment cost. Watch Rabo Equity's next moves from Fund I remnants and any Fund III fundraising, as agri exits may pick up with improving markets.[[1]](https://www.globalprivatecapital.org/newsroom/rabo-equity-exits-29-81-stake-in-indias-daawat-foods-for-usd17-23m)