Clearwater International UK has advised market-leading pet food manufacturer, Partner in Pet Food (PPF), on its sale to international private equity firm, Cinven.
Headquartered in Hungary, PPF is a market-leading pet food manufacturer with nine manufacturing operations across Europe. PPF supplies pet food to more than 250 customers in Europe, including traditional retailers, discounters, speciality pet retailers and online specialists. Its product range covers the main categories of dog and cat food including wet and dry food including single serve products. Established in 1999, the company employs more than 1,400 people and produces more than 450,000 tons of pet food per annum, distributed across 38 countries in Europe.
The Clearwater International team comprised of Partner Phil Burns and Associate Director Mark Gillingham. This is the third deal in which Partner in Pet Food’s management have been advised by Phil Burns, Managing Partner at Clearwater International, and Mark Beardmore, Senior Partner at Eversheds Sutherland.
Maxim Crewe, Partner at Cinven, commented: “PPF represents an opportunity to acquire one of the leading pet food manufacturers in Europe, which has demonstrated sustained growth through the cycle under its management team, led by Attila Balogh. The Cinven Consumer team has been reviewing the fast-growing pet care market for some time and we believe that PPF is well placed to continue supporting its retail partners in capitalising on this growth across both traditional retail channels as well as online.”
Chairman and CEO of PPF, Attila Balogh, said: “Our mission at PPF is to provide a full range of high quality pet food products and to be the number one pet food producer in Europe. We have a great business model and are very proud of our customer relationships, the quality of our products, our European production network and innovation track record. We now have an opportunity to grow the business further and are delighted to partner with the team at Cinven to drive further organic growth, as well as focus on buy and build opportunities, in order to offer new products and reach a wider range of customers.”
Phil Burns, Partner at Clearwater International, added: “We’re delighted to have advised Attila and the management team for a third time on successfully obtaining investment for the business. PPF has a proven ability to achieve excellent growth and this is sure to continue with Cinven’s expertise and numerous opportunities in the pet food market.”
Completion of the acquisition of PPF is subject to Workers Council and customary regulatory approvals.