Karro secures £74m funding package to aid expansion
Karro Food Group has secured a £74m funding package to fund its UK and international expansion strategy, including a move into the Far East.
The funding package, which came from GE Capital and RBS Invoice Finance, will enable Karro to build on its recently announced £10m capital investment programme.
Di Walker, executive chair, said: “The funding package from GE Capital and RBS Invoice Finance will increase our financial firepower and inject further momentum into our expansion and acquisition plans, both in the UK and internationally.
“Over the past few years Karro has transformed from an internally operationally focused business to one that is now focused on future growth. This will be further evidenced by our latest accounts, to be announced over the coming weeks, which are set to show a significant underlying improvement in the profitability of the business.”
In the past two years, Karro Food Group has seen profitability increase by more than £20m and work recently started on an £8m industry-leading investment at its largest facility in Northern Ireland.
Craig Johnson, portfolio director at GE Capital, praised Karro’s progress: “We’ve been delighted with Karro Food Group’s progress since agreeing our original partnership with the company in 2013 and are really excited to be extending this relationship as we continue to support its management team during the next chapter of Karro’s growth journey.”
Andy Pickford, corporate business development director at RBS Invoice Finance, added: “Karro Food Group is a leading player in the UK food market and this deal will help it deliver on its organic and M&A growth strategy. We are delighted to be partnering with such a progressive business and look forward to see the momentum continue.”
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- Karro Food Group
- funding package
- £74m funding
- strategy including
- international expansion
- expansion strategy
- £74m funding package
- aid expansion karro
- expansion strategy including
- international expansion strategy