Lesaffre has sold UK food distributor BFP Wholesale to private equity consortium Zimt Holding for an undisclosed sum.
Headquartered in Sevenoaks, BFP products are distributed to more than 4,000 customers throughout the UK including Krispy Kreme and Greggs. In 2013 BFP turned over £75m through the sale of 50,000 tonnes of ambient, chilled and frozen food.
Nick Harris, managing director of BFP Wholesale, said: “In Zimt Holding 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.”
Marc Casier, Lesaffre’s general manager baking Western Europe, said: “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.”
The consortium, led by David Burresi and Sebastian Sipp, combines more than 70 years’ experience in private equity, M&A and senior management. Burresi said: “We are delighted to be partnering with BFP. 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. By deploying our significant operational and management expertise, we will be working closely with the management team to develop BFP’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.”
Lesaffre was advised by consumer advisory firm Leopold Capital Partners and Linklaters. Zimt Holding was advised by Addleshaw Goddard, with GE Capital providing financing.