UK-based Inspired Pet Nutrition (IPN) has passed the £200 million (US$255 million) milestone in its latest financial results as it celebrates its 100th anniversary.
According to reports, the company is targeting acquisitions to support further growth.
Based in North Wales, the company produces pet foods under the Harringtons, Wagg, Barking Heads & Meowing Heads, and AATU brands. Petfood Industry's Top Companies notes IPN, formerly Wagg Foods, is the UK's largest independent producer of dry pet food.
The business was originally a wheat trading business, but moved into producing animal feeds in the mid-1920s. The company stopped producing animal feeds and relaunched as a pet food business, Wagg Foods, in 1990.
IPN spent the first 25 years growing to a £100m sales business and then doubled in the following five years through organic growth and acquisitions.
In 2020, private equity firm CapVest became the new majority shareholder after a sale by L Catterton.
The company launched an organic and acquisition-led growth strategy under CapVest. In 2021, IPN acquired Pet Food UK, home to premium brands Barking Heads, Meowing Heads and AATU.
IPN chairman Richard Page said hitting the £200m sales mark is a milestone for IPN, but the company always looks ahead.
"As a family-founded business, there was always limited capital," said Page. "Everything had to be hard-earned and justified. It meant we wasted nothing, turning simple opportunities into money-making methods, took our losses quickly and moved on. Fundamentally, we made decisions and bet on ourselves.
Page said the company's financial forecast for the next five years is to more than double the business through both organic growth, by continuing to democratize the areas where it can offer the consumers better value, and M&A.
"Alongside this, the coming years will see more waste removed from packaging and the supply chain, improved customer service and a focus on growing our brands into new sub-categories – especially wet feeding and treats," added Page.
"Ultimately, our ambition is to become one of the 'Big Three' UK pet food manufacturers," he said. "We need to acquire more businesses and optimize the strength of our leading brands as they stretch into adjacent categories. Bringing new brands and manufacturing capabilities into the IPN platform will allow us to strive for even better pet nutrition that's accessible to all."
Adapted from a press release.