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Reports emerged last week that a deal between CapVest and owners Endless LLP for the sale of the pork processor was nearing completion.
On Monday, CapVest confirmed the acquisition and stated that it is still subject to closing conditions and approval from the Competition and Consumer Protection Commission.
Details of the transaction were not disclosed. However, reports last week suggested that the deal could be worth around £180m.
Karro is headquartered in Malton, Yorkshire and its facility in Cookstown, Co Tyrone processes around 1.2m pigs per year. The company employs over 3,000 staff across seven sites in the UK.
Finances
Karro was formed in early 2013 when it split from Vion Food Group and has experienced a significant turnaround in financial performance over the past three years. In 2015, Karro had profits of £26.6m and turnover stood at £458m.
The new deal will see the Karro management team, including executive chair Di Walker, remain with the business.
“Karro is a great fit with CapVest’s overall investment strategy. The Group has established a leading position in the processing and sale of British pork for which we believe the long-term fundamentals are very strong,” said CapVest managing director Jason Rodrigues.
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