CVC Funds becomes majority shareholder of Partner in Pet Food

The partnership will aim to accelerate CVC Funds’ European expansion strategy.

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Modified from a press release:

CVC Capital Partners IX is the new majority shareholder of Partner in Pet Food (PPF), a European pet food manufacturer, alongside its existing investor Cinven, according to a press release from the company. The partnership will aim to accelerate the business’s European expansion strategy.

PPF produces a range of pet food products from 12 facilities around Europe and supplies more than 280 customers in over 35 countries, including specialty pet retailers, general food retailers, discounters and online specialists. Its product range includes both private label and branded pet food covering all categories, quality tiers and price points, including wet and dry food, snacks and treats in a variety of serving formats. PPF manufactured approximately 700 thousand tons of pet food and had revenues of approximately €800 million (US$864 million) in 2023.

CVC’s CEEMEA team has been building businesses in central and eastern Europe for more than 15 years and has a successful track record backing companies in the region that have started small and grown into pan-European consolidators. Recent examples of this include FutureLife, a leading provider of IVF and related genetics services, and D-Marin, a premium yacht marina operator across Croatia, France, Greece, Italy, Montenegro, Spain, Turkey and the UAE.

The closing of the transaction is subject to approval by the relevant regulatory authorities and is expected in Q3 2024. Financial terms of the transaction were not disclosed.

Executive statements

Gerald Kuehr, CEO of Partner in Pet Food, said: “We are delighted that CVC will become our new majority shareholder as we continue our successful premiumization strategy supplemented by an accelerated M&A path, which we started four years ago. In CVC, we welcome a partner that is fully supportive of our passion for people and pets in a healthy environment and this will enhance our ability to continue producing healthy products for our end consumers. My colleagues and I are looking forward to the next chapter of PPF’s successful growth journey with CVC.”

István Szőke, CVC, said: “We have been tracking this company for over a decade and have been impressed by its transformation into a pan European champion under Gerald’s leadership. While PPF represents our first Hungary headquartered investment, we have significant experience in the broader region and the sector through existing investments in our global private equity business.”

Jakub Canda, CVC, added: “This is an exciting opportunity to invest in a company with an outstanding track record and proven business model. We are very impressed with the quality of the management team and their ability to continue generating growth ahead of the market over many years and through cycles. We are looking forward to supporting the company in its next phase of growth and in particular with larger M&A.”

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