Daily News: August 15, 2013

GE Capital UK Provides Refi for Karro Food Group

Private equity firm Endless announced it has secured a new £60 million ($94 million) refinancing package for its Karro Food Group portfolio company from GE Capital just six months after the firm’s acquisition of the business from Vion.

The new funding will underpin Karro’s growth strategy, providing the management team with immediate access to additional working capital and greater capacity to invest in the business alongside the existing equity support from Endless.

Stephan Caron, commercial leader, GE Capital UK, commented: “Karro Food Group is a leading player in the UK food market and this deal will help it further bolster its position in the market. We’re delighted to be partnering with the company at such an exciting stage in its development and look forward to working closely with the management team to provide the right support to help them achieve their growth objectives.”

Aidan Robson, investment director at Endless commented: “We are delighted to bring GE Capital into our partnership with Karro. The refinancing is a fantastic endorsement of the company and the outstanding progress that has been made in the first six months of our investment. As the demand for high quality UK pork increases, Karro is fantastically positioned to support both its retail and trade customers in their long-term growth ambitions.”

Karro Food was advised by Edward Sunderland and Matthew Clayton-Stead of Pinsent Masons and Steve Hall of Asset Based Lending Limited.