Endless sells off £135m turnover food group to global operator
Private equity firm, Endless, has sold Karnova Food Group to OSI UK, which is part of US-headquartered OSI Group.
Karnova Food Group was created through the acquisition and integration of Yorkshire Premier Meat and Manchester-based Smithfield Murray by Endless LLP (Endless) in 2022 and 2023 respectively.
The combined group created one of the UK’s leading value-add business-to-business protein ingredients suppliers with revenues of over £135m.
The buyer, OSI Group, is a privately owned global business, headquartered in Aurora, Illinois, with 67 manufacturing facilities, more than 20,000 employees operating out of 16 countries and supplying customers in 77 countries.
Di Walker, chair of Karnova, said: “Since Endless acquired both Yorkshire Premier Meat and Smithfield Murray, we have delivered significant growth with new and existing customers and focused hard on quality and service.
“Endless has been instrumental in helping us on this journey and we are very grateful for the true partnership and financial support they have given us.
“I am absolutely delighted that OSI have decided to acquire Karnova as it is a great strategic fit and they will be a fantastic long-term owner for the business and its employees.”
Katharine Haenelt, MD of OSI UK, said: “We are happy to be welcoming Karnova into the OSI family. We have been hugely impressed with how the business has developed under Endless’ ownership and see significant opportunities for further growth across the combined businesses.”
Endless investment director, James Warburton, added: “We are very proud of what we have achieved with Karnova in a relatively short time period and have enjoyed working with the team.
“We did not envisage selling Karnova this early but OSI made clear their ambitions for the business and they will be a fantastic long-term owner for the business with a marking leading reputation.
“We wish the whole Karnova team all the best for the future.”
Karnova is Endless’ second successful exit from its 2021 Fund V following the sale of Findel Education in March 2024 to Manutan, the €1bn turnover Paris-headquartered specialist in educational supplies.
Endless was advised on the sale by Paul Satchell of Spayne Lindsay (corporate finance), Giles Chesher of Squire Patton Boggs (legal) with vendor assist provided by Chris Stott of KPMG.
