Hovis, the historic British bakery brand, has been acquired by private equity firm, Endless, in a move that will see it tap growing customer demand for high-quality nutritious products.
Hovis has seen a significant turnaround in the last four years, and will continue to drive its strategy focused on delivering great quality products, customer value and service.
Investment by Endless will support the existing Hovis management team to deliver their future plans and is the third investment by the firm in recent times in the UK food sector.
Hovis has grown its branded market share and is well placed to capture further market share in the UK’s £4 billion bakery category. This acquisition will allow it to focus on delivering the next phase of growth by tapping into growing consumer demand for high quality, relevant and nutritious products that will be supported by investment in the brand and infrastructure of the business.
“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,” said Hovis CEO, Nish Kankiwala.
“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.”
Francesco Santinon, Partner at Endless, added: “Hovis is the instantly recognisable 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.”
The financial details of the acquisition were not disclosed.