Done Deal: Hovis

Baked to Perfection


a portfolio company of

Endless LLP


Revolving Line of Credit

Bread & Bakery Products Manufacturers

Financing Event: Acquisition
PNC Deal Leader: Lee Baty

The Company: An Iconic British Brand

The business was founded on quality and innovation when Richard ‘Stoney’ Smith changed the way flour was milled by finding a way to separate the wheatgerm from the flour without losing any of the vitamins or minerals. The brand has since become famous for iconic and heart-warming advertising; including the ‘Boy on the Bike’ commercial, directed by Sir Ridley Scott. Today, the business delivers over 1 million loaves every day of the week.

The Deal: Investing In Future Development

In support of Endless LLP’s acquisition of Hovis from The Gores Group & Premier Foods plc, PNC provided a £60M revolving line of credit to provide ongoing working capital and headroom for continued growth and CapEx in production capabilities.

The Achievement: Speed and Certainty

Richard Harrison, Investment Director at Endless LLP, said: “PNC pulled out all the stops and matched us at every step on the deal as they mobilised their team, working evenings and weekends to ensure the transaction was delivered to our timescales. They worked closely with the deal team to understand the forecasts and funding requirements, and structured an appropriate package that would support investment in CapEx and provide the necessary headroom to fuel the new product development and growth plans of the business. They were very pragmatic, easy to work with and executed the deal with speed and certainty.”

The continuity of our ongoing relationship with PNC is very important to us. They have been responsive and supportive partners since we first started working with them in 2014. The future is exciting as we look to increase our product offering in segments of the market that are experiencing growth.

Ketan Halai | Finance Director, Hovis

Important Legal Disclosures & Information

*A portion of the funding provided by Steel City Capital Funding, a division of PNC Bank. Steel City Capital Funding provides Cash flow-based senior debt, junior secured and second lien loans for sponsored and non-sponsored transactions. 

Neither PNC Financial Services UK Ltd. nor PNC Bank Canada Branch provides legal, tax or accounting advice.

Read a summary of privacy rights for California residents which outlines the types of information we collect, and how and why we use that information.

©2021 The PNC Financial Services Group, Inc. All Rights Reserved.