Partner in Pet Food (PPF) has been put up for sale by private equity firm Advent International, according to reports.
PPF, a Hungarian company that has eight facilities in the Czech Republic, Slovakia, Hungary and the Netherlands and a sales office in Poland, produces wet and dry private label petfood.
PPF generates an estimated annual operating income of EUR30 million to EUR35 million (US$33.2 million to US$38.7 million), which could translate into an asking price of more than EUR300 million, reports have said.
Advent bought PPF from Permira in 2011 for EUR188 million. In 2014, PPF reported sales of EUR235 million. Its volume totals approximately 430,000 tons per year.
The company employs 1,000 people and exports its products to 32 countries.
While cat trends continue, the pandemic has added to overall slow-growth treatment of the cat food market.
Premiumization and humanization, as well as automation, fueled continued operation growth in spite of the COVID-19 pandemic.