06 November, 2020: Hovis (or “the Company”), the UK’s iconic 134-year-old bakery brand, today
announces that it has been acquired by Endless LLP, a UK based mid-market private equity firm,
for an undisclosed sum. The terms of the agreement have been approved by both the Gores
Group and Premier Foods, Hovis’ current owners.

Hovis has seen a significant turnaround in the last four years, and will continue to drive its strategy
focused on delivering great quality products, customer value and service. Significant investment by
Endless will support the existing Hovis management team to deliver their future plans and is the
third investment by the firm in recent times in the UK food sector.

Hovis is firmly entrenched as a leading player in the branded bakery category and is favoured by
consumers and supported by key customers and suppliers. It has grown its branded market share
and is well placed to capture further market share in the UK’s £4 billion bakery category. This
acquisition will allow Hovis to focus on delivering the next phase of growth by tapping into growing
consumer demand for high quality, relevant and nutritious products that will be supported by
investment in the brand and infrastructure of the business.

Nish Kankiwala, Hovis Chief Executive Officer said: "We are delighted to announce this
agreement with Endless LLP today. Based on our extensive engagement with Endless LLP over
the past several months, it became clear that both parties share a commitment to customers and
colleagues and for building on Hovis’ heritage by investing in growing both the brand and product
range. This shared vision makes Endless LLP the best shareholder to support our ambitious plans.
The acquisition will help drive our strategy for growth by bringing both strategic and operational
value to Hovis. We are looking forward to working together to execute this strategy and to
delivering the next phase of growth."

Francesco Santinon, Partner at Endless LLP, added: “Hovis is the instantly recognisable British
bread brand with a strong and established heritage. We were extremely impressed by the
management team and have great confidence in supporting and investing in its future as Hovis
looks to achieve further expansion within the bakery category.”

Robert W. Baird advised Hovis, and Houlihan Lokey advised Endless LLP, on the transaction.