Karro Food Group, one of the leading suppliers of British pork into the retail, trade and food service industries, has secured a £74m funding package from GE Capital and RBS Invoice Finance.
Malton-based Karro said the funding package will enable it to build on a recently announced £10m capital investment programme to support its UK and international expansion strategy.
Over the last two years, Karro’s profit has increased by more than £20m and work has recently started on an £8m investment at its largest facility in Northern Ireland.
Di Walker, executive chair of Karro, 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 profit.”
Craig Johnson, portfolio director at 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: “This deal will help it deliver on its organic and M&A growth strategy.”