Private equity firm Endless has acquired UK bakery brand Hovis for an undisclosed sum through its Endless Fund IV.
Headquartered in High Wycombe, the Hovis business employs around 2,700 people and operates eight bakery sites, a flour mill, and a distribution network spanning the UK and Northern Ireland. The brand was previously owned by The Gores Group (51%) and Premier Foods (49%).
According to Endless, investment agreed as part of the deal will enable Hovis to strengthen its business infrastructure, and grow its branded range and other bakery products.
“Hovis is the instantly recognisable British bread brand with a strong and established heritage,” said Francesco Santinon, partner at Endless.
“We were extremely impressed by the management team and have great confidence in supporting and investing in its future as Hovis looks to achieve further expansion within the bakery category.”
Hovis CEO, Nish Kankiwala, added: “Based on our extensive engagement with Endless over the past several months, it became clear that both parties share a commitment to customers and colleagues and for building on Hovis’ heritage by investing in growing both the brand and product range.
“This shared vision makes Endless the best shareholder to support our ambitious plans. The acquisition will help drive our strategy for growth by bringing both strategic and operational value to Hovis. We are looking forward to working together to execute this strategy and to delivering the next phase of growth.”
Endless also owns BBF, which supplies ambient cake products to major UK grocers. The company previously owned pork business Karro Food Group, which it claimed to have turned from a ‘heavy-loss-making’ business into a highly profitable one by the time it sold Karro in 2017.
© FoodBev Media Ltd 2022
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