Funds advised by London-based private equity firm CapVest Partners have agreed to purchase British pork supplier Karro Food Group from Endless for an undisclosed sum.
Multiple reports put the acquisition price at £180 million ($224.6 million; €210.2 million), though CapVest declined Agri Investor‘s requests to confirm the figure.
Karro, which private equity firm Endless had purchased from VION in January 2013, is the leading supplier of British pork into the retail, trade and foodservice industries, according to a prepared statement from CapVest.
“Karro is a great fit with CapVest’s overall investment strategy,” said Jason Rodrigues, managing director of CapVest. “The group has established a leading position in the processing and sale of British pork for which we believe the long-term fundamentals are very strong.
The Karro management team, including executive chair Di Walker, will remain with the business, which supplies fresh pork and cured, cooked and frozen meats to retail, foodservice and manufacturing customers.
Headquartered in Malton, North Yorkshire, the firm employs about 3,100 people across the UK, with divisions in England, Scotland, Northern Ireland and Ireland.
“We are delighted to back a very experienced and capable management team and we look forward to working closely with them in pursuing exciting new organic and acquisition-led growth opportunities,” Rodrigues added.
Debt financing was provided by Pemberton and Lloyds Bank. The deal is subject to normal closing conditions and approval from Ireland’s Competition and Consumer Protection Commission (CCPC) in Ireland.