Being over 100 years old can have its perks, especially with a portfolio like Hovis. The iconic 134-year-old bakery brand has caught the eye of recent investors and has revealed that it has been acquired by Endless LLP, a U.K.-based mid-market private equity firm, for an undisclosed sum.
“We are delighted to announce this agreement with Endless LLP today. Based on our extensive engagement with Endless LLP 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 LLP the best shareholder to support our ambitious plans,” Nish Kankiwala, Hovis Chief Executive Officer, stated. “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 to delivering the next phase of growth.”
There is much to this new deal that will help take Hovis to the next level in the international market. The company will continue to drive its strategy of delivering great quality products, customer value, and service while significant investment by Endless will support the existing Hovis management team to deliver their future plans, according to a press release.
The recent acquisition will allow Hovis to focus on its next phase of growth, which is positioned to access growing consumer demand for high-quality, relevant, and nutritious products that will be supported by investment in the brand and infrastructure of the business.
“Hovis is the instantly recognizable 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,” Francesco Santinon, Partner at Endless LLP, said.
The terms of the agreement have been approved by both the Gores Group and Premier Foods, Hovis’ current Owners.
Congrats to all parties involved as the bakery category continues to evolve across the globe!