Global yeast specialist hopes to ferment growth after buying manufacturer
FOOD manufacturer LFI Tollblend has been bought by French multi-national Lesaffre for an undisclosed sum.
The gluten-free specialist employs 35 people in Worcester and will join the French group which has 9,000 employees in 40 countries.
LFI Tollblend is a £14m-a-year operation that produces ingredient mixes for the baking and processed foods sectors.
Brian Mcluskie, former chairman of Tollblend, said: “We believe that Tollblend is an excellent strategic fit for Lesaffre and we are delighted that the business is now part of their multi-national group.
“This transaction will allow Tollblend to strengthen its position across all of our core markets and we are excited for the opportunities ahead.”
Lesaffre already has a presence in the UK through its businesses DCL Yeast and Fermex. The deal was the first of two announced by yeast specialist Lesaffre, which has also acquired Tecno Bakery.
Antoine Baule, chief executive of Lesaffre, said: “Lesaffre welcomes these acquisitions in two countries, United Kingdom and Spain, where we have been present for many years.
“Those are entirely in line with our strategic development objectives in the baking industry and will enable us to expand and strengthen our offer to our customers in terms of improvers and technical assistance for baking.”
Tollblend was advised on the transaction by Justin Sparks, partner at Springboard Corporate Finance, with legal advice provided by Alison Scott from Harrison Clark Rickerbys.
Mr Sparks added: “The shareholders of Tollblend have invested heavily in their business over recent years. They built a low cost production facility whilst at the same time focusing on adding value with their consultancy services.”
