BREAKING: Karro Food Group sold for undisclosed sum

Karro Food Group, one of Yorkshire's largest food companies, has been sold for an undisclosed sum.

Funds advised by CapVest Partners LLP announced the acquisition of Karro from Leeds-based private equity firm Endless.

Karro is one of the nation’s the leading suppliers of British pork into the retail, trade and foodservice industries.

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The deal is subject to normal closing conditions and approval from the Competition and Consumer Protection Commission (the “CCPC”) in Ireland.

Endless acquired Karro from VION in January 2013 when it was a heavy loss maker and alongside Karro management team’s has successfully transformed the group into a highly profitable, dynamic and well respected player in the domestic and international pork market.

The deal will see the existing Karro management team, including executive chair Di Walker, remain with the business.

Jason Rodrigues, Managing Director of CapVest, said: “Karro is a great fit with CapVest’s overall investment strategy. 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.

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“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.”

Karro has an annual turnover of over £500m and supplies fresh pork and cured, cooked and frozen meats to retail, foodservice and manufacturing customers, and has a reputation for high welfare standards and high quality pork produce. Headquartered in Malton, North Yorkshire, Karro employs around 3,100 people across the UK and has divisions in England, Scotland, Northern Ireland and Ireland.

Last year the firm triumphed in the Yorkshire Post Excellence in Business Awards Turnaround category.

CapVest was advised by Investec Corporate Finance (Ireland) (corporate finance), Kirkland & Ellis (legal), KPMG (financial and tax due diligence) and EY (debt advisory). Debt financing was provided by Pemberton and Lloyds Bank.