Baking mix supplier LFL Tollblend has been acquired by French multinational yeast producer Lesaffre for an undisclosed sum.
Established 1987, Tollblend produces baking powders, bread, cake and doughnut mixes and a range of other powder blends at its gluten-free facility in Worcestershire for the baking and food processing sectors. It has 35 staff and generated revenues of almost £14m in 2015, according to the latest accounts at Companies House.
Lesaffre, founded in 1853, said the acquisition, alongside a deal to buy Spanish business Tecno Bakery, was part of its expansion in the baking ingredients market in Western Europe.
“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,” former Tollblend Brian Mcluskie said.
“This transaction will allow Tollblend to strengthen its position across all of our core markets and we are excited for the opportunities ahead.”
Lesaffre markets yeast, ingredients, sourdoughs and yeast extracts for the baking, healthcare and biotechnology industries.
It employs more than 9,000 staff across more than 70 subsidiaries in 40 countries, including DCL Yeast and Fermex in the UK. Mike Abraham, general manager of Lesaffre UK & Ireland, said the group was looking forward to widening its bakery offering.
Tollblend was advised on the transaction by Springboard Corporate Finance, with legal advice provided from Harrison Clark Rickerbys.
Springboard partner Justin 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.”
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