Lesaffre sells bakery supplier in private equity deal

By Rod Addy contact

- Last updated on GMT

Lesaffre employs 7,700 people and has a turnover in excess of £1.2bn
Lesaffre employs 7,700 people and has a turnover in excess of £1.2bn

Related tags: Mergers and acquisitions, Krispy kreme, United kingdom

Lesaffre has sold UK food distributor BFP Wholesale Limited (BFP) to private equity consortium Zimt Holding for an undisclosed sum.

Based in Sevenoaks, BFP is a nationwide, one-stop wholesale supplier of ambient, chilled and frozen food products. The company’s products are distributed from strategically located depots via a fleet of multi-temperature vehicles to more than 4,000 UK customers, including Krispy Kreme and Greggs.

In 2013 BFP sold 50,000t of food products, generating a turnover of more than £75M. Independent, French, family-run business Lesaffre sells yeast and other fermentation products to 180 countries.

“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 BFP,”​ said Marc Casier, manager, baking western Europe, who conducted the disposal.

70 years of experience

The purchasing consortium, led by David Burresi and Sebastian Sipp, combines more than 70 years of experience in private equity, mergers and acquisitions and senior management.

Burresi commented: “With a strong management team and a well-established presence in the UK’s multi-billion pound food distribution market, BFP is ideally positioned for growth. We look forward to supporting management in realising the company’s potential.”

Sipp added: “BFP presents an exciting opportunity for accelerated growth in the years ahead.”

Plan to invest

By deploying its significant operational and management expertise, the acquisition team would work closely with the management team to develop BFP’s purchasing and distribution processes, he said. They also plan to invest in its personnel and information systems.

“In Zimt we have found a strong partner that is fully aligned with our goals and has the resources to help us drive the next phase of the company’s development. Seasoned executives will join the board to support us in our strategy.”

Consumer advisory firm Leopold Capital Partners and Linklaters advised Lesaffre on the deal. Zimt was advised by Addleshaw Goddard, with GE Capital providing financing.

Lesaffre employs 7,700 people of whom 1,600 are in France and has turnover in excess of €1.5bn (£1.2bn).

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