Inspired Pet Nutrition, under CapVest Partners, entered exclusive discussions with Eurazoo to acquire its stake in Ultra Premium Direct, a France-based direct-to-consumer pet food brand.
History of Ultra Premium Direct and current deal
Founded in 2013 by Matthieu and Sophie Wincker, Ultra Premium Direct established itself in the French premium pet food market using a factory‑to‑consumer model. The company’s strategy combined distributing dog and cat food via e‑commerce with a subscription service. The company’s growth was underpinned by a production facility and logistics center in Agen, France.
By 2021, Ultra Premium Direct had built a strong base of loyal customers and subscribers. That year, Eurazeo acquired a majority stake through its private equity arm, investing EUR68 million to support expansion in product range and physical retail presence. The investment also enhanced Ultra Premium Direct’s digital and marketing capabilities.
Following the acquisition, Ultra Premium Direct expanded into retail, opening its first store in Montauban in 2021 and subsequently rolling out multiple stores across France, including in Toulouse, Pau and Montpellier. By 2023, company revenue reached EUR53 million, serving approximately 370,000 customers. As of mid‑2025, Ultra Premium Direct served over 285,000 active customers, according to a press release from Eurazeo.
The current exclusivity agreement would transfer all shares held by Eurazeo, minority investor Eutopia, and other stakeholders to Inspired Pet Nutrition, pending trade‑union consultations and regulatory approval. The deal is expected to close in the fourth quarter of 2025.
“In recent years, we have built a unique platform that successfully combines product finishing and packing operations, logistics and ecommerce capabilities to build a loyal customer base across France,” Sophie Wincker, CEO of Ultra Premium Direct, said in a press release.
Inspired Pet Nutrition’s proposed acquisition of Ultra Premium follows its purchase of Sopral, a manufacturing‑centric pet food platform also in France. The combination aims to establish a major independent, branded pet food platform across Europe, combining Ultra Premium Direct’s e‑commerce subscription framework and growing retail footprint with Inspired Pet Nutrition’s manufacturing scale and distribution network.
“By combining Ultra Premium’s direct-to-consumer strengths with Sopral’s extensive manufacturing capabilities and Inspired Pet Nutrtion’s broader network and customer base, we unlock powerful opportunities to accelerate our ambitious growth plans across Europe,” Arthur van Benthem, CEO of Inspired Pet Nutrition, said in a press release.
