Endless sells Karro to CapVest

The deal values the business around the £180m mark, according to media reports.

Following the transaction, Karro's existing management team, including executive chairperson Di Walker, will remain with the business.

The exit comes after a four-year holding period and is a divestment for Endless Fund III, a £220m vehicle that held its final close in July 2011.

Under the GP's tenure, the business invested in new production and storage facilities. It also closed its curing facility in Wivelistcombe in order to generate operational savings.

CapVest is currently investing from CapVest Equity Partners III, which held its final close in November 2014 on €482m.

The transaction is subject to approval from Irish regulators. Endless could not be reached for comment at the time of publication.

Debt
Lloyds Banking Group and Pemberton Capital Advisers provided a debt package to support the deal.

Previous funding
Endless supported the management buyout of Dutch food producer Vion's British pork business in December 2012. The company was subsequently rebranded as Karro in February 2013.

Company
Headquartered in Malton, North Yorkshire, Karro is a meat processing company. The company supplies pork products to UK supermarkets and wholesalers and has a headcount of around 3,000.

The business generated revenues of £458m in 2015, according to publicly available documents. It posted EBITDA of £26.6m, up from £8m in 2014.

People
CapVest – Jason Rodrigues (managing director).

Advisers
Equity – Investec Corporate Finance (corporate finance); Kirkland & Ellis (legal); KPMG (financial due diligence, tax); EY (debt advisory).

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• Topics
• Exits
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• Secondary buyout
• CapVest Equity Partners
• Endless