The Irish owners of major pig processors the Karro Group have sold the operation to a major private equity firm.
Karro Food Group, formerly owned by Irish investment firm Endless LLP, received an offer by London-based investment firm CapVest, thought to be in the region of £180m.
Headquartered in Malton, Yorkshire, the group operates a major plant in Cookstown which processes around 1.2m pigs per year.
Jason Rodrigues, the managing director of CapVest, said: “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. We are delighted to back a very experienced and capable management team and we look forward to working closely with them in pursuing exciting new organic and acquisition-led growth opportunities.”
The Karro management team, including executive chair Di Walker, will remain with the business. The company employs over 3,000 staff across seven sites in the UK.
The deal is subject to the approval of competition officials in Ireland.