KTC Edibles, a UK-based cooking oil and tinned foods supplier to retailers, has been bought by private-equity firm Endless.
Founded by the Khera family in 1972, KTC has grown to a GBP400m (US$503.6m) turnover business serving the likes of Tesco, Morrisons, Asda and Sainsbury’s. As well as cooking oils and fats, the business produces canned pulses, vegetables, fruit and coconut milk, seasonings and spices, sauces, rice and pasta.
Endless, which has offices in London, Leeds and Manchester, did not disclose the purchase price for KTC, which is headquartered in Wednesbury, a town in the West Midlands region of England.
The company employs 450 people, with four manufacturing plants in Wednesbury, Darlaston and Walsall, all in the West Midlands, as well as in Liverpool. It owns the KTC brand, plus Sea Isle and Suncrest.
Paresh Mehta, the CEO of KTC, said: “While it is business as usual, we are excited by the opportunities new ownership will bring and we look forward to continuing our rapid growth and development. We would also like to thank the Khera family for building such a strong business and supporting the company and its employees over the last 50 years.”
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Other portfolio companies of Endless include bakery business Hovis – bought from co-owners Premier Foods and private-equity firm Gores Group last year – private-label cake supplier Bright Blue Foods and Yorkshire Premier Meat.
Aidan Robson, a partner at Endless, added: “Through its strong relationships with suppliers and customers, KTC has demonstrated its importance to the UK food industry at a time of increasing volatility across the global food market. We look forward to supporting Paresh and the wider KTC team as we build upon the excellent platform laid down by the founding family.”
KTC produces more than 250 million litres of cooking oil a year. The business also supplies food manufacturers and the foodservice and own-label channels, and exports to 32 countries.