Endless Agrees to Sell Hovis to ABF
Deal News | Aug 15, 2025 | Endless / Enact
Endless LLP has announced an agreement to sell Hovis Group Limited, a well-known UK bakery brand, to Associated British Foods plc (ABF). This transaction, which is subject to approval from the Competition and Markets Authority (CMA), marks a significant move in the bakery sector. Hovis, established in 1886, is a major player in the UK bakery market and was acquired by Endless in November 2020. ABF, the owner of Allied Bakeries, sees the acquisition as an opportunity to build a profitable and sustainable UK bakery business. Endless LLP's Managing Partner, Aidan Robson, emphasized that the transaction will provide a long-term sustainable platform for both retail and consumers in the bakery sector. The deal involves various advisors, including legal, corporate finance, and regulatory experts, to ensure a smooth transaction process.
Sectors
- Food and Beverage
- Private Equity
Geography
- United Kingdom – Both Hovis and ABF are UK-based companies, and the transaction is dealing with assets within the UK bakery market.
Industry
- Food and Beverage – The article is centered around the acquisition of a company (Hovis) in the bakery sector, which falls under the food and beverage industry.
- Private Equity – Endless LLP, a private equity firm, is involved in the divestment of Hovis Group Limited.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Hovis Group Limited | Target company | Company | A prominent UK bakery brand established in 1886, known for producing bread and bakery products for the UK market. |
| Endless LLP | Selling company | Company | A private equity firm that acquired Hovis in November 2020 and is now divesting it to ABF. |
| Associated British Foods plc (ABF) | Bidding company | Company | A multinational food processing and retailing company acquiring Hovis to strengthen its bakery operations. |
| Competition and Markets Authority (CMA) | Regulatory reviewer | Government | UK's competition regulator that will review the transaction for approval. |
| Walker Morris | Legal and Regulatory advisor | Company | Provided legal and regulatory advice to Endless LLP and Hovis in the transaction. |
| Freshfields | Regulatory advisor | Company | Assisted Endless LLP and Hovis with regulatory aspects of the deal. |
| Rothschild & Co | Corporate Finance advisor | Company | Advised ABF on the financial aspects of the acquisition. |
| KPMG | Financial and Tax advisor | Company | Provided financial and tax advisory services to ABF. |
| Allen & Overy | Legal advisor | Company | Provided legal advice to ABF regarding the acquisition. |
| Macfarlanes | Regulatory advisor | Company | Advised ABF on regulatory aspects of the transaction. |
| Frontier Economics | Regulatory advisor | Company | Provided regulatory economic advice to ABF. |