Lesaffre Owners Said to Consider Selling Stakes in Yeast Maker

(Bloomberg) -- The owners of Lesaffre, one of the world’s largest yeast manufacturers, are considering selling a number of stakes in the business, according to people with knowledge of the matter.

The board of the family-held company, which generates revenue of more than 2.2 billion euros ($2.6 billion), is working with advisers on divestment options, the people said, asking not to be identified discussing confidential information.

The family could part with around 20% of Lesaffre via sales of three similar-sized tranches, with private equity firms having already expressed an interest in acquiring stakes, the people said. Talks are at an early stage and there is no certainty they will lead to any sales, according to the people.

Potential investors and buyers have been circling Lesaffre for some time but, until now, the dispersed family owners were unable to agree on any divestment, the people said.

A representative for Lesaffre declined to comment. In September, the company elected Thibaut de Ladoucette to succeed Lucien Lesaffre as chairman of its board of directors. In a statement at the time, Lesaffre’s shareholders reaffirmed their attachment to the family nature of the business.

Yeast has been in high demand during the conoranvirus pandemic, with lockdowns confining people to their homes and turning many into avid bakers. This has resulted in sharp increases in the production of ingredients such as yeast and flour.

Founded in northern France in 1853, Lesaffre is a major supplier of yeast and fermentation products to the food, health-care and biotechnology sectors, according to its website. Lesaffre and its subsidiaries employ around 10,700 people in 50 countries.

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