Lesaffre has sold BFP to private equity consortium Zimt Holding. No financial terms were disclosed. Leopold Capital Partners and Linklaters advised Lesaffre on the transaction while Addleshaw Goddard advised Zimt. GE Capital provided financing for the deal. Based in the UK, BFP is a food distributor.
Lesaffre announces the sale of 100% of UK food distributor BFP Wholesale Limited (“BFP”) to private equity consortium Zimt Holding (“Zimt”). Transaction details were not disclosed.
Headquartered 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 well-located depots via a fleet of multi-temperature vehicles to more than 4,000 customers throughout the UK, including Krispy Kreme and Greggs. BFP has grown consistently over the years and in 2013 sold 50,000 tonnes of food products, generating a turnover of over £75m.
Marc Casier, Lesaffre’s General Manager Baking Western Europe, conducted the disposal. He said: “The sale reflects a strategic choice to focus on our core activity of yeast production & 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 of experience in private equity, M&A and senior management. David Burresi commented: “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.”
Sebastian 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.”
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.”
Lesaffre was advised by consumer advisory firm Leopold Capital Partners and Linklaters. Zimt Holding was advised by Addleshaw Goddard, with GE Capital providing financing.
An independent French family-run group founded in 1853, Lesaffre sets the global standard for yeast and other fermentation products and sells its products in more than 180 countries. The group employs 7,700 people of whom 1,600 are in France and has turnover in excess of 1.5 billion euros.
About Zimt Holding
London based Zimt Holding is a private equity consortium consisting of experienced finance and operating executives with in excess of 70 years of experience in the Private Equity, M&A and Senior Management and Restructuring.