Karnova: Leading Protein Supplier Joins Forces with OSI Group
Deal News | Feb 11, 2025 | Endless / Enact
Endless LLP has sold Karnova Food Group to OSI UK, part of the global OSI Group. Karnova was formed after combining Yorkshire Premier Meat and Smithfield Murray, acquired by Endless in 2022 and 2023, respectively. Karnova is a major supplier of business-to-business protein ingredients with revenues surpassing £135 million. The buyer, OSI Group, is headquartered in Illinois and operates in 77 countries. Endless expressed satisfaction with their growth milestones achieved with Karnova and views OSI as an ideal long-term partner. This marks Endless’s second exit from its 2021 Fund V after selling Findel Education. The transaction involved advice from Spayne Lindsay, Squire Patton Boggs, and KPMG.
Sectors
- Food Processing and Distribution
- Private Equity
Geography
- United Kingdom – Karnova Food Group, the acquired target and its predecessor companies, are based in the UK.
- United States – OSI Group, the acquiring entity, is headquartered in Illinois, USA.
Industry
- Food Processing and Distribution – Karnova operates as a business-to-business supplier of protein ingredients, within the food processing and distribution sector.
- Private Equity – Endless LLP is a private equity firm engaging in acquisitions and sales, such as the sale of Karnova.
Financials
- 135 million – Karnova Food Group's annual revenue.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Karnova Food Group | Target Company | Company | Karnova Food Group is a leading value-add B2B protein ingredients supplier in the UK. |
| Endless LLP | Selling Company | Company | Endless LLP is a private equity firm that owned Karnova Food Group. |
| OSI Group | Bidding Company | Company | OSI Group is a privately owned global food supplier based in Aurora, Illinois. |
| Yorkshire Premier Meat | Acquired Company | Company | A meat supplier acquired by Endless to form part of Karnova Food Group. |
| Smithfield Murray | Acquired Company | Company | Part of the combination that formed Karnova Food Group, after being acquired by Endless. |
| Spayne Lindsay | Corporate Finance Advisor | Company | Advised Endless on the sale of Karnova Food Group. |
| Squire Patton Boggs | Legal Advisor | Company | Provided legal advice to Endless for the sale of Karnova Food Group. |
| KPMG | Vendor Assist | Company | Provided vendor assistance to Endless during the sale of Karnova. |