Friday, September 22, 2023

MBO completes at meat processor

Endless, the mid-market private equity investor, has completed the acquisition of the specialist B2B processor and supplier of value-added meat ingredients, Yorkshire Premier Meat (YPM).

Headquartered in South Kirkby, in the UK, YPM processes and supplies a range of 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.

Endless backed the existing management team of Ed Lake, Stirling Oswin and Tariq Habib, who will continue to lead the business and drive its growth plans with Endless’s backing.

The deal was led by Endless Manchester partner Tom Jack, supported by James Warburton, Sian Banton and David Isaacs.

Tom Jack said: “YPM is a market-leading business with unique capabilities and a commitment to outstanding service.

“Despite the ongoing economic and political environment Endless was able to offer shareholders a highly deliverable transaction, closing the deal only four weeks from agreeing outline terms to minimise distraction to the Management team and avoid disruption to the business.

“YPM is a fantastic business with great potential for further success and we’re delighted to be supporting Ed, Stirling and Tariq on the next stage of their journey.”

CEO Ed Lake said: “We’re excited to be partnering with Endless as YPM enters the next chapter of its successful history.

“We were impressed by Endless’s strong track record of investing in food manufacturing businesses and look forward to working with them to drive growth as we continue to service our loyal customers with the highest standards of service and product quality.”

The investment is the latest from Endless’s £400m Fund V and follows previous food manufacturing investments by Endless such as Hovis, Bright Blue Foods and Karro.

Endless was advised by law firm Squire Patton Boggs, led by partner Giles Chesher, together with Gabriel Pennington, Christopher Blair and Alice Jenkinson. Tax advice was provided by Steven Heath, Zak Hawley, Bevan Edwards and Louise Warne at KPMG, with further deal support from Paul Satchell, Chris Dedman and Jadon Buckeridge at Spayne Lindsay.

Endless internal financial due diligence was led by partner and head of due diligence Kerry Battiscombe supported by Stefan Nowakowski and Jon Duffy.

The deal was originated by Stamford Partners who provided corporate finance advice to the vendors. The Stamford team included Simon Milne, Robert Iseman and Savinien de Gramont. Legal advice to the vendors was provided by Edinburgh law firm Vialex, led by Greig Williamson, and by CMS, led by Ben Hendry.

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