INVESTMENTS
Karnova Food Group
Unlocking the growth potential of two of the UK’s leading food manufacturers
We are delighted to have invested in Yorkshire Premier Meat and Smithfield Murray, together the Karnova Food Group, two of the UK’s leading value-add processors and suppliers of proteins into the food sector. By bringing these two businesses together Endless has created a major UK force in value-add business-to-business protein supply with revenues of £120 million.
The investment adds another leading British food business to Endless’ existing portfolio, which includes Hovis, Bright Blue Foods, and KTC.
THE OPPORTUNITY
Headquartered in South Kirkby, West Yorkshire, YPM is the UK’s leading specialist B2B processor and supplier of value-add red meat ingredients. It processes a range of proteins and supplies into producers of ready meals, canned goods and savoury pasties/pies as well as the rapidly expanding direct to consumer box meal market. YPM’s unique offering gives high flexibility of supply with unrivalled levels of customer service across multiple proteins with exceptional product quality and integrity.
The continuing management team had previously acquired a majority stake in YPM from the founding shareholders 5 years before our acquisition and, having fully handed over the running of the business, the founding shareholders were looking to exit their remaining stake. Endless was able to offer the exiting shareholders a rapid, highly deliverable transaction despite the ongoing economic and political environment – closing the deal in only four weeks from agreeing outline terms to minimise disruption to the business.
THE IMPACT SO FAR
Following the acquisition, Endless has worked closely with the management team to recruit additional skills and experience into the business to match YPM’s scale and growth ambitions. This has included the appointment of Di Walker as Chairman (formerly Eight Fifty Group CEO and current Chairman of Hovis and Bright Blue Foods) as well as recruiting a Commercial Director, an Operations Director and a Commercial Manager.
Alongside their operational experience, Endless has provided follow-on capital to support YPM’s M&A strategy. In March 2023, YPM completed the transformational acquisition of Smithfield Murray, one of Europe’s leading processors of high quality value-add poultry products.
Based in Manchester, Smithfield Murray uses cutting edge processing technology to supply complex value-add fresh protein solutions with exceptional levels of service quality and an assurance of the highest hygiene and safety standards. Products are supplied into food manufacturing customers servicing international, national and regional retailers and food service manufacturing companies.
Bringing these two businesses together has created a combined Group, which offers exciting opportunities to partner with customers to drive profitable growth in value-add areas of food manufacturing, whilst retaining the values and reputation YPM and SM have built over many years offering flexible multi-protein supply with exceptional product quality and integrity.
