Rescue investor Endless has turned its efforts to the food production market by backing the management buy-out of VION Food.
Pork supplier VION Food has undergone a management buy-out (MBO) to enable it to sever ties from its parent company.
As part of the deal, vendor business VION N.V. is selling VION Food. VION N.V. is a Dutch group with operates internationally as a food and ingredients company.
Endless’ backing of VION Food comes a month after VION N.V. announced it was planning to sell its UK food business to concentrate on its core markets in the Netherlands and Germany.
Across its nine UK sites and single Republic of Ireland location, VION Food produces pork, bacon, sausage and cooked meats. It reports that it will deliver turnover of £500 million for the year ending 31 December 2012.
CEO of VION Food Seamus Carr comments, ‘VION’s decision to exit the UK market presented the management team with an outstanding opportunity to lead a buy-out of a business that is industry-leading, well invested and essential to the UK food sector.
‘We are delighted that our partner in the buy-out, Endless, immediately understood the opportunity and we look forward to working with them to take the company to its next phase of growth.’
Leeds-headquartered Endless says that the backing of VION Food’s MBO is similar to those it has completed involving Crown Paints, retailer Bathstore, engineering group Davy Markham and steel producer Acenta Steel – all of which were deemed to have become non-core assets by owners.
A spokesman for Endless adds, ‘We are delighted to have been selected by the MBO team to support their plans and aspirations for such a strategically important business in the UK food sector, with its focus on local produce at a time when end customers demands for British-sourced food are increasing.’