British PE firm Endless is selling historic bread maker Hovis to ABF, in a deal reportedly worth £75 million.
Walker Morris and Freshfields are advising Endless, while A&O Shearman and Macfarlanes are acting for ABF.
A&O Shearman and Walker Morris are leading on the sale of iconic British bread maker Hovis to Associated British Foods (ABF), the FTSE 100 group behind Primark, Twinings and Jordans cereals, in a deal understood to be worth around £75 million.
Leeds-based PE firm Endless is selling the brand it picked up in 2020 from American PE firm Gores Group and FTSE 250 foods group Premier Foods.
ABF - which also owns Allied Bakeries, the producer of Kingsmill - is set to combine the production and distribution operations of both bread makers in a push for greater profitability, as demand for pre-packaged bread levels off in the UK.
The deal is subject to CMA approval.
Advising
A&O Shearman acted for ABF, led by corporate/M&A partner Anabelle Croker. The firm worked alongside Macfarlanes which provided counsel on competition matters. Macfarlanes advised Hovis' management team on the sale to Endless five years ago.
Leeds-headquartered Walker Morris advised Endless. The team was led by corporate partner Debbie Jackson and competition partner Sarah Ward. Freshfields handled the competition aspects for Endless.
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