French yeast and fermentation products manufacturer, Lesaffre Group has concluded the 60 percent acquisition of local yeast manufacturer, Anchor Holdings in a deal worth $8,4 million. The conclusion of the deal will see the French company injecting fresh working capital to boost the company’s operations. A well-placed source said the transaction was now complete and ready for announcement anytime soon.
“The French company, Lesaffre acquired 60 percent of Anchor Holders leaving the previous shareholders with 40 percent. The deal is worth around $8,4 million and once concluded fresh capital will then be injected into the company’s operations,” said the source.
“Such a transaction will allow the company to raise enough capital required for the recapitalisation of the company.” The source added that the conclusion of the transaction will culminate in a major management reshuffle as the French company plans to set up its own structures.
“A major management shakeup is imminent as you know whenever a foreign firm takes over, they come with their own management,” the source said.
Lesaffre is a family run group founded in the North of France. With EUR1,5 billion in turnover in 2014, it employs a staff of 8 000 in 40 countries.
Its products are sold in more than 180 countries. Lesaffre employs a staff of 8 000 divided between more than 80 subsidiaries (production sites and commercial offices) in some 40 countries.
The company’s products are sold in more than 180 countries.Zimbabwe requires 5 400 tonnes of yeast per annum and Anchor has installed capacity to produce 7 000 tonnes but is currently operating at 60 percent.
Anchor Holdings currently supplies yeast to the baking, brewery and ethanol industries. Source: Bloomberg