Leeds-based private equity firm Endless LLP announced it acquired edible oil supplier K.T.C. (Edibles) Limited.

The investment in KTC adds another British food business to Endless’ existing portfolio which also includes Hovis, Bright Blue Foods and Yorkshire Premier Meat.

“KTC is one of the UK’s largest suppliers of edible oil, supplying over 250 million litres a year to manufacturers, retailers and wholesalers across the UK and globally,” said Endless.

“Headquartered in Wednesbury (West Midlands) and established in 1972, the founding family have grown the business to over £400 million turnover, four production sites and 450 employees.

“Endless’ acquisition of KTC will provide additional investment for the company’s ambitious growth plans through further development of its operations, range and service offerings.”

KTC CEO Paresh Mehta said: “This is fantastic news for KTC. 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.”

Endless partner Aidan Robson said: “We are thrilled to have been given the opportunity to acquire KTC.

“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.”

Endless said Wells Fargo Capital Finance (UK) Limited supported the transaction.

KTC was advised by Oghma Partners (corporate finance), Walker Morris (legal), PWC (financial and tax) and Progeny (management advisory).

Endless was advised by Eversheds Sutherland (legal), Interpath (debt advisory and tax), KPMG (financial), Spayne Lindsay (commercial) and Lockton (insurance).