Endless, a private equity investor, has completed an investment in Smithfield Murray, based in Manchester and one of Europe’s leading suppliers of prepared raw poultry to retail and foodservice manufacturers.
This investment follows almost exactly one year from Endless’s investment in Yorkshire Premier Meat (YPM), a supplier to producers of ready meals, canned goods and savoury pasties and pies as well as the rapidly expanding direct to consumer subscription box meal market.
The deal brings Smithfield Murray and YPM together to create a combined Group with revenues of £115 million.
Endless backed the existing Smithfield Murray management team and founding shareholders Damien Murray and Martin Grady, who will continue to lead the business and drive its growth plans with Endless’ backing. The YPM board is chaired by Di Walker, former chief executive of Karro Foods and Eight Fifty Group.
Group chair Di Walker said: “We’re delighted to be partnering with Damien, Martin and the team at Smithfield Murray. Despite the challenges being faced in the poultry supply chain at this time, the business has proved itself to offer exceptional levels of service quality, and this investment alongside YPM is transformational for both businesses, with fantastic potential for growth and further follow-on investment.”
Smithfield Murray CEO Damien Murray said: “It is fantastic to be joining forces with Endless and the YPM team. Everyone at Smithfield Murray has worked incredibly hard to create the quality of business we have today, and we’re excited about the job creation opportunities this investment will bring in the future. This also opens up exciting opportunities for growth, working closely with our loyal customers and suppliers.”
The investment is the latest from Endless’ £400m Fund V and follows previous food manufacturing investments by Endless including KTC Edibles, Hovis, Bright Blue Foods and Karro.