Endless acquires 134-year-old bakery brand Hovis

Endless has acquired UK bakery brand Hovis for an undisclosed amount.

This is the third investment in the food sector by Endless in recent times and the deal has been drawn from Endless Fund IV.

Endless previously owned pork business Karro Food Group and now owns BBF, a supplier of ambient cake products to grocery outlets in the UK.

Based in High Wycombe, Hovis employs 2,700 people and operates eight bakery sites, as well as owns a flour mill and a distribution network spanning the UK and Northern Ireland.

Under the present management team, Hovis is claimed to have seen a significant rise in trading in the last four years.

As part of the deal with Endless, additional investment will enable Hovis’ management team to make a significant investment into its business infrastructure, as well as bolster its branded range and other bakery products.

Hovia CEO Nish Kankiwala 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.

“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 deliver the next phase of growth.”

Endless partner Francesco Santinon said: “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, Dechert, KPMG while Hovis was advised by Robert W Baird.