Lesaffre sells U.K. bakery supplier and distributor

by Eric Schroeder
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PARIS — Lesaffre is sharpening its focus on yeast production with the announcement it has sold 100% of U.K. food distributor BFP Wholesale Ltd. (B.F.P.) to private equity consortium Zimt Holding. Financial terms of the transaction were not disclosed.

Headquartered in Sevenoaks, England, B.F.P. is a wholesale supplier of ambient, chilled and frozen food products. The company’s products are distributed from depots via a fleet of multi-temperature vehicles to more than 4,000 customers throughout the United Kingdom, including Krispy Kreme and Greggs. B.F.P. has grown consistently over the years and in 2013 sold 50,000 tonnes of food products, generating a turnover of more than £75 million ($126.5 million).

“The sale reflects a strategic choice to focus on our core activity of yeast production and sale, and we are very pleased to have found an ambitious buyer for B.F.P.,” said Marc Casier, general manager of baking Western Europe for Lesaffre.

Zimt Holding, which is led by David Burresi and Sebastian Sipp, combines more than 70 years of experience in private equity, merger and acquisition, and senior management.

“We are delighted to be partnering with B.F.P.,” Mr. Burresi said. “With a strong management team and a well-established presence in the U.K.’s multi-billion pound food distribution market, B.F.P. is ideally positioned for growth. We look forward to supporting management in realizing the company’s potential.”

Mr. Sipp added, “B.F.P. presents an exciting opportunity for accelerated growth in the years ahead. By deploying our significant operational and management expertise we will be working closely with the management team to develop B.F.P.’s purchasing and distribution processes and will invest in its personnel and information systems to enable the firm to take advantage of a fast-changing environment.”
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