George Weston dips into chilled food market with Yumi purchase
PRIVATE equity firm Anacacia Capital has sold its majority stake in Aussie chilled food manufacturer Yumi Quality Foods.
Yumi, maker of gluten-free, non-dairy dips and snacks, is now 100 per cent owned by George Weston Foods (GWF) — one of Australia and New Zealand’s largest food manufacturers and owner of brands including Tip Top and Don.
GWF is a wholly owned subsidiary of Associated British Foods (ABF), a diversified international food, ingredients and retail group with operations across 50 countries.
As reported in Australia Food News, Anacacia, helmed by managing director Jeremy Samuel, invested in Yumi in 2014 with Samuel then labelling it the “standout” in the market in terms of potential.
Sticking by that call, Anacacia has worked alongside Yumi founders and brothers Benjamin (Yumi) and Michael to build the company to almost quadruple its size over the past four years.
The brand is sold in every major grocery store in Australia and has a growing export business in Asia.
100 tonnes of hommus per week
As well, expanding operations including a larger production facility is allowing Yumi to produce a whopping 100 tonnes of its signature hommus each week — proving demand is strong with Aussie consumers.
The Friedmans will step down as shareholders of the company but will stay on as advisors working with GWF, and will be responsible for driving the business through its next phase of growth, said Yumi in a media release.
“With ABF and GWF’s deep history as an international food manufacturer, we view them as a natural long-term owner of our growing business,” said Michael Friedman.
“The management team and I are looking forward to working with GWF to take the business to the next level.”
This is the first acquisition in ten years for GWF. Stuart Grainger, GWF chief executive officer of GWF, said:
“We are thrilled with the acquisition of Yumi’s. From humble beginnings, Yumi’s has become a leading player in the chilled dips and vegetarian categories. We look forward to working with the Friedman brothers and all the Yumi’s staff, customers and suppliers to continue to strengthen and grow the business.”
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