Endless's Karro secures £60m refinancing package from GE

The new funding will provide management with immediate access to working capital, enabling more investment in the business alongside the existing capital provided by Endless.

The deal further highlights how this year's debt market activity has been driven mostly by refinancings. A recent study by Marlborough Partners found that portfolio company refinancings made up 63% of loans issues throughout Europe in the first half of the year.

Previous investment
Endless supported the management buyout of Karro, the British pork business of Dutch parent Vion, in December 2012.

Company
Karro is headquartered in Malton, North Yorkshire, and operates from nine divisions across the UK, employing approximately 3,500 people.

Karro supplies fresh pork, and cured and cooked meats to retail, food service and manufacturing customers, including Tesco, Sainsbury's, Co-op and Aldi. The company also operates pig breeding and rearing farms in the north of Scotland where it rears around 3,500 outdoor-bred pigs per week.

People
Seamus Carr is chief executive of Karro. Aidan Robson is an investment director at Endless. Stephan Caron is commercial leader at GE.

Advisers
Company – Pinsent Masons, Edward Sunderland, Matthew Clayton-Stead (Legal); Asset Based Lending, Steve Hall (Debt).

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• Topics
• UK / Ireland
• Portfolio management
• Consumer
• Endless
• GE Capital
• United Kingdom
• Refinancing