The company that owns and runs Cookstown pork factory has reportedly been bought by a London-based investor in a deal said to be worth around £180m.
The Mail reported earlier this month that the companies were in talks about the possible sale, which is now tipped to go ahead if approval is granted by the Competition and Consumer Protection Commission in Ireland.
Funds advised by CapVest have announced the proposed acquisition of Karro Food Group - the leading supplier of British pork into the retail - trade and foodservice industries, from Endless LLP.
In a statement from the company, details of the transaction were not disclosed.
The deal will see Karro’s management team, including Executive Chair Di Walker, remaining with the business.
Jason Rodrigues, 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.” Karro Food Group is a British pork producer with an annual turnover of over £500m.
The company supplies fresh pork and cured, cooked and frozen meats to retail, foodservice and manufacturing customers, and has a reputation for high welfare standards and high quality pork produce.
Headquartered in Malton, North Yorkshire, Karro employs around 3,100 people across the UK and has divisions in England, Scotland, Northern Ireland and Ireland.
CapVest, which was established in 1999, is a leading private equity firm.
The firm’s investment strategy is focussed on identifying and managing investments in companies supplying essential goods and services.