French company acquires Anchor Yeast
FRENCH company, Société Industrielle Lesaffre (“Lesaffre”), has acquired a 60 percent stake in Anchor Yeast (Private) Limited “Anchor Yeast” in a deal worth US$11,5 million.
According to a statement from the French embassy on Thursday, the transaction is expected to improve the standard and quality of yeast products produced in Zimbabwe, with the long-term goal of generating regional exports for the business.
“Following the consummation of this acquisition we introduce Lesaffre Zimbabwe (Private) Limited as a new corporate identity in the yeast industry in Zimbabwe and beyond,” the statement said.
The deal will be officially signed in Harare on September 10.
Lesaffre, a private company registered and incorporated in France, is a family owned
business founded in the north of France in 1853 and has over 160 years of experience in the
manufacture of yeast.
Anchor Yeast managing director Mike Nyabadza last month confirmed that the company was in discussions for a possible transaction but he refused to divulge more details on the nature of the deal.
Anchor Yeast is Zimbabwe’s sole yeast manufacturer and has been operational since 1958. With manufacturing facilities in Gweru and distribution outlets in Harare, Bulawayo, Mutare and Gweru, it has been servicing Zimbabwe’s yeast needs for nearly 60 years.
Anchor Yeast is the flagship subsidiary of Anchor Holdings Private Limited (“Anchor Holdings”), a family-owned diversified investment holding company.