ENDLESS COMPLETES THE SALE OF KARRO FOOD GROUP TO CAPVEST
Endless LLP (“Endless”) has completed the sale of Karro Food Group (“Karro”), the leading supplier of British pork to the retail, trade and foodservice industries, to CapVest Partners LLP. The deal, which was announced on the 27 March, 2017, was subject to the approval of the Competition and Consumer Protection Commission in Ireland and this was received on the 24 April 2017.
Following its acquisition in January 2013 from Dutch food conglomerate Vion, Endless and the Karro management team transformed the group from a heavy loss making business into a highly profitable, dynamic and well respected player in the domestic and international pork market. With turnover in excess of £550 million Karro has enjoyed four consecutive years of strong profit growth under Endless’ ownership. Operating from seven sites across England, Scotland and Northern Ireland, Karro now employs over 3,100 people and has received widespread industry recognition for its outstanding performance in recent years.
As previously announced, the transaction will see the Karro management team, led by Executive Chair Di Walker, remain with the business.
Aidan Robson, Partner at Endless, commented: “Karro is another fantastic turnaround story for Endless. Over the last four years we have worked with a very talented management team, led by Di Walker, to transform what was a heavily loss making, non-core division of a European cooperative into one of the leading British pork producers.
“During this time we have invested over £45m in capital improvement projects, focused primarily on locally reared British pork and produced enough bacon for over 1 billion bacon butties. We wish Di and the management team, along with their new owners, CapVest, all the best for the future. It has been a remarkable four-year journey and Karro is a business that we are immensely proud of at Endless.”
Di Walker, Executive Chair, said: “Endless has been a great owner of Karro and I would like to thank them for all their support and input over the last four years. This has helped us transform and grow Karro into the highly successful business it is today, with a clear strategic role in the supply of British pork.
“Along with our new owners, CapVest, we have ambitious plans to grow the business further and we are very excited about the scale of the future opportunities. In the meantime it’s very much business as usual for our management, employees and customers as we look with confidence to the next phase in our journey.”
Corporate Finance advisors Spayne Lindsay, led by Paul Satchell, and law firm Walker Morris, led by corporate partner Debbie Jackson, advised Endless. Di Walker and the management team were advised by Park Place Corporate Finance and Walker Morris.