UK-based pork products supplier Karro Food has secured a new £60m funding from finance firm GE Capital to invest further in its operations and strengthen its presence in the market.
This development comes after Karro Food carried out a strategic review and reorganization of business and the appointment of former Samworth Brothers CEO Brian Stein former as a non-executive director.
Headquartered in Malton, North Yorkshire, Karro Food was acquired by Leeds-based private equity firm Endless in January from Vion, following a management buyout of its pork business unit when the Dutch firm had withdrawn from UK operations.
Karro stated that the new funding will provide the management team with access to additional working capital and greater capacity to invest in the business.
The company claimed that the business was continuing to improve efficiencies across its operations and to achieve new sales volume despite the challenging economic environment.
Karro CEO Seamus Carr said: "From a very strong asset base and a stable financial platform, the new GE facility will give us the firepower to invest further in the business, react more rapidly to opportunities and grow our market share, not only here in the UK but also overseas."
Karro Food was advised by Edward Sunderland and Matthew Clayton-Stead of Pinsent Masons and Steve Hall of Asset Based Lending for the transaction.
Earlier this month, Karro Food announced plans to shut down its slaughter and butchery operations at Wiveliscombe site in Somerset; however, the decision will not affect the curing and foodservice operations at the facility.
