Leeds-based Endless acquires bakery brand Hovis

Leeds-based Endless today announced that it has acquired Hovis, the iconic 134-year-old bakery brand for an undisclosed price.
Bakery brand Hovis has been bought by a UK private equity firm after a significant turnaround over the past four years.Bakery brand Hovis has been bought by a UK private equity firm after a significant turnaround over the past four years.
Bakery brand Hovis has been bought by a UK private equity firm after a significant turnaround over the past four years.

Endless has invested from Endless Fund IV and this is the firm’s third investment in the food sector in recent times.

Endless previously owned and successfully realised Karro Food Group - the leading pork business - and currently owns BBF, a leading supplier of ambient cake products to the UK’s major grocers.

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Garry Wilson Managing Partner of Endless said: "The Endless team have worked tirelessly in recent weeks to secure this acquisition. It’s not often a chance comes along to own an iconic business and brand like Hovis and we are thrilled to be the new custodians.

"We intend to invest heavily in the business to expand the product range whilst ensuring that the bread which millions of customers have grown to love is delivered fresh every day, pandemic or no pandemic."

In a statement Endless said: "Hovis is a favoured consumer bread brand and is supported by its key customers and suppliers. It has seen strong growth in its branded market share and the business is well placed to capture further share of the UK’s £4 billion overall bakery category.

"With headquarters in High Wycombe, the business employs circa.2,700 people and operates eight bakery sites, its own flour mill and a distribution network spanning the UK and Northern Ireland."

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The statement added: "Under the current management team, Hovis has seen a significant up-turn in trading in the last four years and will continue to drive its strategy focused on delivering great quality products, customer value and service.

"Further investment agreed as part of the deal with Endless will allow the Hovis management team to make significant investment into the business infrastructure, growth of its branded range and other bakery products.

Nish Kankiwala, Hovis' Chief Executive Officer said: "We are delighted to announce this agreement with Endless today.

"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.

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"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."

Francesco Santinon, Partner at Endless, added: “Hovis is the instantly recognisable British bread brand with a strong and established heritage. 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.”

Endless was advised by Houlihan Lokey (CF), Dechert (Legal), KPMG (Tax) and the company was advised by Robert W. Baird.

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