While the financial details of the deal were not disclosed, Endless said the acquisition of KTC would provide investment for the company’s ambitious future growth plans through further development of its sites, range and service offerings. Endless’ existing portfolio includes Hovis, Bright Blue Foods and Yorkshire Premier Meat.
KTC is one of the UK’s largest suppliers of edible oils, supplying over 250 million litres a year of high-quality cooking oils to manufacturers, retailers and wholesalers in the UK and globally. KTC also supplies a diverse range of canned groceries, condiments, and sauces and operates through brands KTC, Sea Isle and Suncrest, as well as supplying many own label products.
The company which has been family-owned since its incorporation in 1972, operates from four production sites in the UK and employs over 450 people.
Paresh Mehta, current managing director of KTC, will continue to lead the business.
“The sale of KTC to Endless is fantastic news for the business. We are excited by the opportunities presented by the investment from Endless and look forward to continuing our rapid growth and development,” he said.
“I would also like to thank the Khera family for creating such a strong legacy and supporting the growth of the company and its employees.”
Aidan Robson, partner at Endless, said: “We are thrilled to have been given the opportunity to acquire KTC. Through its strong relationships with suppliers and customers, KTC has demonstrated its importance to the UK food industry at a time of increasing volatility across the global food market. We look forward to supporting Paresh and the wider KTC team as we build upon the excellent platform laid down by the founding family.”
KTC was advised by Oghma Partners (corporate finance), Walker Morris (legal), PWC (financial and tax) and Progeny (management advisory
Tim Owen, partner at Oghma Partners, said: “It has been a real pleasure to be able to work with Paresh, the KTC shareholders and the management team on the sale of the business to Endless. This is a very strong and knowledgeable new owner, and Paresh and the team are in good hands for the next stage of their growth trajectory.”