BBF is the largest own label cake manufacturer in the UK with turnover of over £160 million. It trades from four sites in the UK and one in Poland and employs over 2,000 people. The business delivers ‘best in class’ operational performance across a broad range of production capabilities including mince pies, fruit tarts, swiss rolls, celebration cakes and chilled desserts.

The initial investment in BBF by Endless happened in September 2015 and we were delighted to be joined by new CEO, Jonathan Lill, a few months later. The initial investment plan included a significant capital investment in the manufacturing sites in both the UK and Poland, best-in-class operational enhancements and a focus on new product development.  Following the delivery of the initial plan, our attention turned to bolt-on opportunities.

In August 2017, Endless completed the management buy-out of Sewtec Automation, now one of the UK’s fastest growing and successful bespoke robotics specialists.

Sewtec invents, designs, manufactures, installs, and supports complete bespoke industrial automation solutions worldwide. Working with some of the best-known brands across a wide variety of industries, the team solve complex engineering challenges that others cannot or will not tackle.

More than 85 per cent of its sales are exports, with clients including Tata, Huhtamaki, Nestle, Greencore, and Imperial Brands.

Buy-out

We completed the acquisition of the Amscan International Group of Companies (‘Amscan International’) from Party City Holdco Inc. on 29 January 2021.

We completed the £74.5 million acquisition of Menzies Distribution Limited (‘Menzies Distribution’) from John Menzies plc on 4 September 2018.  With turnover in excess of £1.1 billion, strong earnings and cash generation, this is our largest investment to date from Endless Fund IV and is the latest in a long line of acquisitions of non-core businesses from large corporate vendors.

We completed the acquisition of BSW Timber Limited (‘BSW’) on 18 February 2020. BSW is the UK’s largest integrated forestry and sawmilling business with turnover of over £350 million and 1,200 employees.

Founded in 1848 and headquartered in Earlston, Scotland, the business comprises five main operating divisions:  tree nurseries, forestry management, tree harvesting, sawmilling, and energy.  It operates seven sawmills across the UK and one in Latvia, and has the capacity to produce over 1.2 million cubic metres of sawn timber per year.

We completed the acquisition of Hovis Holdings Ltd (‘Hovis’) from vendors Gores Group and Premier Foods plc on 5 November 2020. Hovis is one of the most recognisable food brands in the UK, manufacturing branded and private label bread and other bakery products for the major grocery retailers and local convenience stores.

As good as it’s always been, Hovis has a strong heritage and reputation with a rich history spanning over 134 years. Headquartered in High Wycombe, the business has c.3,000 employees and operates eight bakeries, a flour mill and a distribution network spanning the UK and Northern Ireland. The business also owns the Ormo and Mother’s Pride brands.

In FY19 Hovis generated revenue of c.£332m and EBITDA of c.£16m, and over the last few years has invested significantly in its operations and product quality.