INVESTMENTS
Karnova Food Group
Unlocking the growth potential of two of the UK’s leading food manufacturers
We acquired Yorkshire Premier Meat in February 2022 and combined it with Smithfield Murray to create the Karnova Food Group in March 2023. By bringing these two market-leading businesses together, Endless created a major UK force in value-add business-to-business protein supply with revenues of over £130 million.
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
Following the acquisition, Endless worked closely with the management team to recruit additional skills and experience into the business to match YPM’s scale and growth ambitions. This 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 Group CEO, a Commercial Director, an Operations Director and a Commercial Manager.
Alongside operational experience, Endless 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 as the Karnova Food Group created a combined group of scale, which can offer exciting opportunities to partner with customers to drive profitable growth in value-add areas of food manufacturing, whilst still retaining the values and reputation YPM and SM have built over many years offering flexible multi-protein supply with exceptional product quality and integrity.
THE EXIT
In February 2025, Endless successfully exited its investment in Karnova to OSI Group, a US-based privately owned global food business, with 67 manufacturing facilities, more than 20,000 employees operating out of 16 countries and supplying customers in 77 countries.
