CVC Capital Partners IX has secured a majority stake in Partner in Pet Food (PPF), a prominent European pet food manufacturer, alongside existing investor Cinven, as announced in a company press release. The strategic partnership aims to propel PPF’s European expansion strategy forward.
PPF operates 12 facilities across Europe and serves more than 280 customers in over 35 countries, catering to a diverse clientele including specialty pet retailers, general food retailers, discounters, and online specialists. Its extensive product portfolio encompasses private label and branded pet food across various categories, quality tiers, and price points, featuring wet and dry food, snacks, and treats in multiple formats. In 2023 alone, PPF produced approximately 700 thousand tons of pet food, achieving revenues of around €800 million (US$864 million).
CVC’s CEEMEA team boasts a robust track record spanning more than 15 years in building businesses across central and eastern Europe. Noteworthy investments include FutureLife, a leading IVF and genetics services provider, and D-Marin, a premier yacht marina operator spanning multiple countries.
The completion of the transaction remains subject to regulatory approval and is anticipated to finalize in Q3 2024, with financial terms undisclosed.
Executive Insights:
Gerald Kuehr, CEO of Partner in Pet Food, expressed enthusiasm about CVC’s partnership: “We are thrilled to welcome CVC as our new majority shareholder, supporting our successful premiumization strategy and accelerated M&A initiatives initiated four years ago. With CVC’s backing, we aim to further enhance our commitment to delivering healthy products for pets and advancing our growth trajectory.”
István Szőke from CVC highlighted the strategic fit: “Having tracked PPF for over a decade, we are impressed by its evolution into a pan-European leader under Gerald’s guidance. This investment marks our first in a Hungary-headquartered firm, leveraging our extensive regional and sector expertise.”
Jakub Canda, also from CVC, emphasized the growth potential: “Investing in PPF presents an exciting opportunity due to its strong track record and resilient business model. We look forward to supporting PPF’s expansion, particularly through strategic M&A activities.”
This partnership between CVC and PPF signifies a significant step towards consolidating PPF’s market position and accelerating its growth trajectory across Europe.
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