Bakery giant Hovis sold to private equity firm Endless
Bakery brand Hovis has been acquired by Endless, a UK based mid-market private equity firm, for an undisclosed sum.
The company confirmed this morning that the terms of the agreement have been approved by both the Gores Group and Premier Foods, Hovis’ current owners.
The acquisition enables Hovis to focus on further tapping into growing consumer demand for bakery products as the new owner plans to invest in the brand and infrastructure of company.
Financial details of the transaction have not been disclosed. Baird advised Hovis on the deal.
Shared vision
Nish Kankiwala, the CEO of Hovis, explained the rationale behind the deal: “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.”
He emphasized that “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,” Kankiwala added.