Hovis announces acquisition by Endless LLP
On the 6 November well-known bakery business and brand, Hovis, announced its acquisition by UK-based private equity firm Endless LLP for an undisclosed sum.
Endless has caught Hovis on an upward trajectory as it continues the recovery of the past few years while developing plans for future growth, which the firm’s investment will help realise. Hovis says it is now well placed to capture further market share in the UK’s £4 billion bakery category.
Nish Kankiwala, Hovis Chief Executive Officer said: "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." Kankiwala went on to say that the acquisition will help drive the company's growth by bringing both strategic and operational value to Hovis.
Francesco Santinon, Partner at Endless LLP, acknowledged Hovis as an instantly recognisable bakery brand. "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," he said.
In an update, a Hovis spokesperson confirmed that the acquisition will enable Hovis to pursue its next stage of growth: "Endless LLP will support Hovis as they develop the brand and seek to further capitalise on the growing consumer demand for premium, branded products by investing in our existing range of leading SKUs and developing new bakery products."