George Weston gets Yumi's
One of the fastest growing chilled food manufacturers in Australia, Yumi’s Quality Foods, has sold 100% of its share capital to George Weston Foods (GWF).
Yumi’s started producing chilled dips in the early 1990s and has since expanded into falafel and veggie bites in the health food section of the supermarket and mayonnaise and dressings in the foodservice market.
Since Anacacia Capital’s private equity funds acquired a majority stake in the business in early 2014, the size of Yumi’s business has quadrupled and it is hoped that GWF will help accelerate this growth.
GWF intends to preserve Yumi’s innovative culture as a new standalone business within the group. The Yumi management team, including Michael and Yumi Friedman, while no longer shareholders, will remain with the company and with GWF’s guidance and support will be responsible for driving the business through its next phase of growth.
“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. The management team and I are looking forward to working with GWF to take the business to the next level. I could not have asked for a better business partner than Anacacia Capital and we will greatly miss the board contribution from Jeremy Samuel and Ern Pope, and thank Anacacia more generally for their invaluable assistance these last few years,” said Michael Friedman (CEO).
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