Meat business gets investment boost
Trafford Park-based meat supplier Smithfield Murray has received equity investment to create a £115m turnover business
The Manchester office of Endless, the mid-market private equity investor, invested in Smithfield Murray and will combine it with another portfolio investment YPM, which it completed last year and promises to create “a major UK force in value-add B2B protein supply”.
Headquartered in Trafford Park, Smithfield Murray is one of Europe’s leading suppliers of prepared raw poultry to retail and food service manufacturers, which in turn supply international, national and regional retailers and food service companies.
Founded in 1987, Smithfield Murray chief executive Damien Murray said: “It is fantastic to be joining forces with Endless and the YPM team. Everyone at Smithfield Murray has worked incredibly hard to create the quality of business we have today, and we’re excited about the growth and job creation opportunities this investment will bring in the future.”
Endless backed the existing management team and founding shareholders Damien Murray and Martin Grady, who will continue to lead the business and drive its growth plans with Endless’ backing.
YPM is a supplier of high quality meat ingredients into producers of ready meals, canned goods and savoury pasties/pies as well as the rapidly expanding direct to consumer subscription box meal market.
Tom Jack, the Endless director who led the deal said that bringing the two businesses together has created a combined group with revenues of £115 million and “offers significant opportunity to service demand for flexible multi-protein supply with exceptional product quality”.
Jack was backed by fellow director James Warburton with support from Sian Banton.
Jack added: “Despite the challenges being faced in the poultry supply chain at this time, the business has proved itself to offer exceptional levels of service quality, and this investment alongside YPM is transformational for both businesses with fantastic potential for growth and further follow-on investment.”
The investment is the latest from Endless’ £400m Fund V and follows previous food manufacturing investments by Endless including KTC Edibles, Hovis, Bright Blue Foods and Karro.
Endless was advised by law firm Squire Patton Boggs, led by partner Giles Chesher, together with Gabriel Pennington, and Alyssa Davies. Tax advice was provided by Steven Heath, Zak Hawley and Nicole Seale at KPMG, with further deal support from Paul Satchell and Jadon Buckeridge at Spayne Lindsay.
Endless internal financial due diligence was led by Partner and head of due diligence Kerry Battiscombe and Director Stefan Nowakowski.
RSM provided corporate finance advice to the vendors led by Nick Wyatt, together with Davin Kandola and Joe Stiles. Legal advice to Smithfield Murray was provided by Simon Wallwork, Mark Warburton and Janet Robinson of Slater Heelis.