Anacacia sells Australian chilled food business
Anacacia Capital has exited Yumi’s Quality Foods, an Australian chilled food manufacturer that it acquired in 2014, to George Weston Foods (GWF) for an undisclosed sum.
The private equity firm made the investment – supporting the founders, brothers Benjamin and Michael Friedman, as they sought to expand the business – from its second fund. Three months ago, Anacacia announced a final close of A$300 million ($225 million) on Fund III. It recently announced the first deal from that vehicle, backing Duncan Technologies.
Founded in 1990, Yumi’s produces non-dairy and gluten-free dips, aioli, vegetarian snacks, mayonnaise, and smoked fish. Anacacia claims that the business has quadrupled in size over the last four years with products sold in every major grocery store in Australia and a fast-growing food service and export business.
GWF is buying 100% of Yumi’s, which means that management – including the Friedman brothers – will no longer be shareholders. However, they will remain with the company under its new ownership. A subsidiary of London-listed Associated British Foods (ABF), GWF is one of the largest food manufacturers in Australia and New Zealand, employing over 6,000 people across more than 50 sites.
“From humble beginnings, Yumi’s has become a leading player in the chilled dips and vegetarian categories, muscling out larger competitors by staying loyal to their principles of never compromising on quality and taste,” Stuart Grainger, CEO of GWF, said in a statement.
For its new investment in Duncan Technologies, Anacacia is partnering Alpin Group, which formed the business in 2015 through the acquisitions of Duncan Solutions Australia and CIC Technology. The company specializes in smart city technology, with a focus on parking payment, management and monitoring systems.
The size of the investment was not disclosed. Anacacia, which will hold a majority stake in Duncan Technologies, targets companies with revenue of A$20-200 million and profit of at least A$5 million.
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