Lesaffre said the acquisition was part of its strategy to expand its share of the sourdoughs and baking ingredients market in western Europe.
Mike Abraham, general manager of Lesaffre UK & Ireland, said: “Lesaffre is already present in the United Kingdom through DCL Yeast and Fermex and can now look forward to widening its bakery offering.”
The buyout of LFI followed Lesaffre’s acquisition of Tecno Bakery, located in Barcelona, Spain.
Ceo Antoine Baule added: “Lesaffre welcomes these acquisitions in two countries, United Kingdom and Spain, where we have been present for many years.
‘Expand and strengthen’
“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.”
The sale of Tollblend was advised by Justin Sparks, partner at Springboard Corporate Finance, with legal advice provided by Alison Scott from Harrison Clark Rickerbys.
Brian Mcluskie, former chairman of Tollblend, commented: “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 its core markets and we are excited for the opportunities ahead.”
Established in 1987, Worcester-based LFI produces ingredient mixes for the baking and processed foods sectors, including gluten-free baking mixes. It employs 35 staff, mainly in production.
Lesaffre has 55 production plants and operates in more than 40 countries. The company markets yeast, ingredients, sourdoughs and yeast extracts for the baking, healthcare and biotechnology industries.
Its takeover is the latest of a number of food and drink acquisitions completed in the past month.
Biscuit brands Delacre and DeliChoc have been bought by Ferrero from United Biscuits, while premium condiments and biscuits maker Cottage Delight has been acquired by Fine Foods Group.