French private equity firm PAI Partners agreed to buy Alphia Inc., a custom manufacturer of superpremium pet food based in the United States, from its owner J.H. Whitney Capital Partners, Reuters’ Abigail Summerville reported. She cited unnamed people familiar with the pet food industry business transaction who said Alphia was valued at approximately US$1 billion, including debt, in the deal. PAI Partners is a private equity firm based in Paris. Alphia is PAI Partners’ second major acquisition in the U.S. The French private equity firm acquired Tropicana from PepsiCo in 2021.
J. H. Whitney Capital Partners (JHW) had owned C.J. Foods since 2014 and acquired Lortscher's Animal Nutrition (now LANI) in 2018.
Alphia works with pet food brands as a co-manufacturer and retailers looking to develop, revise or expand their pet food brands, according to Petfood Industry’s Top Pet Food Companies database. Alphia can produce dry dog and cat food, dog treats, canned dog and cat food and pet bird food. It has the capacity to manufacture more than 1 billion pounds of pet food and treats annually. The company also includes subsidiaries LANI (formerly Lortscher’s Animal Nutrition) and Veracity Logistics. Alphia resulted from the 2020 merger of C.J. Foods and American Nutrition. The combined company employs approximately 1,120 people. Alphia makes a portfolio of pet food and treats. The company has a national footprint of 10 locations across 6 states. The company manufactures more than one billion pounds of dry, canned and baked pet food and treats annually.
Alphia data for 2022
Annual Revenue
US$875,000,000.00
Total Facilities
10
Production Plants
7
Employees
1120
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This year to date has seen some notable pet food mergers and acquisitions (M&A) — and several more happened just this week — but if you’ve been thinking M&A activity has slowed, you’re correct.
“The pet industry is poised to outperform the broader capital and M&A markets, but macro market conditions will constrain deal volume in total,” wrote Bryan Jaffe, managing director, and John Gulvezan, vice president, of Cascadia Capital in their latest report, “Pet Industry Overview, Spring 2023.” Their data shows pet industry transactions peaked in 2021 at 162 deals, while 2022 ended up with a little more than 100 deals. That’s a 37% decline, which increases to 52% if you take away veterinary service transactions, they wrote.
