Private equity giants Advent International and CVC Capital have collaborated on a bid for Partner in Pet Food (PPF), a leading European pet food producer currently under the ownership of Cinven, as reported by the Financial Times.
This partnership between Advent and CVC emerged as the remaining contenders in the acquisition process for PPF, renowned for its production of branded pet food and own-label products for retailers. Sources familiar with the matter cautioned that while discussions are ongoing, the outcome remains uncertain. Cinven had previously indicated a valuation target of approximately €2 billion (US$2.16 billion) for the business, according to the report.
Established through a series of acquisitions between 2000 and 2006 by Dutch company Provimi, PPF is headquartered in Budapest, Hungary, as documented in Petfood Industry’s Top Pet Food Companies listing. The company boasts an extensive reach, supplying retailers, discounters, specialty pet retailers, and online specialists across 38 countries. PPF offers a comprehensive range of dry, wet, and semi-moist cat and dog food, alongside alucups, pouches, and snacks. Its operational footprint spans 10 countries including The Netherlands, Hungary, Czech Republic, Slovakia, Poland, France, Italy, Romania, Sweden, and Germany, with 11 factories strategically positioned across Europe. PPF prides itself on being the sole market player with an integrated pan-European production network, producing nearly 500,000 tons of pet food annually.
According to the Financial Times, Cinven, a prominent global private equity firm, has significantly expanded PPF’s business since its acquisition six years ago through strategic acquisitions. PPF reported sales of approximately €690 million (US$747 million) in 2022, surging to €800 million (US$867 million) in 2023.
