Karro Food Group secures finance for expansion
Karro Food Group, one of the leading suppliers of British pork into the retail, trade and foodservice industries, has secured a £74m funding package from GE Capital and RBS Invoice Finance.
The funding package will enable Karro to build on its recently announced £10m capital investment programme to support Karro’s UK and international expansion strategy.
Over the last two years, Karro Food Group has seen its profitability increase by more than £20m and work has recently started on an £8m industry leading investment at its largest facility in Northern Ireland.
Di Walker, Executive Chair of Karro Food Group, said: “The funding package from GE Capital and RBS Invoice Finance will increase our financial fire power and inject further momentum into our expansion and acquisition plans both in the UK and internationally.
“Over the last few years Karro has transformed from an internally operationally focussed business to one that is now focussed on future growth. This will be further evidenced by our latest accounts, to be announced over the coming weeks, which are set to show a significant underlying improvement in the profitability of the business.”
Craig Johnson, Portfolio Director, GE Capital, said: “We’ve been delighted with Karro Food Group’s progress since agreeing our original partnership with the company in 2013 and are really excited to be extending this relationship as we continue to support its management team during the next chapter of Karro’s growth journey.”
Andy Pickford, Corporate Business Development Director at RBS Invoice Finance, said: “Karro Food Group is a leading player in the UK food market and this deal will help it deliver on its organic and M&A growth strategy. We are delighted to be partnering with such a progressive business and look forward to see the momentum continue.”
Karro was advised by EY Capital and Debt Advisory, led by Chris Lowe and Robert Jones.