International private equity firm, Cinven, is to acquire Partner in Pet Food (PPF), a European pet food manufacturer, from Pamplona Capital Management for an undisclosed amount.
Headquartered in Hungary, PPF has 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.
Pamplona partnered with PPF in April 2015 and invested in the business to support its organic growth.
Maxim Crewe, Partner at Cinven, says: “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.”
Matteo Corà, Senior Principal at Cinven, says: “The European pet food market is one of the most attractive spaces in the wider consumer sector. Strong demand for pet food products – and premium products in particular – is being driven by the increased ‘humanisation’ of pets; owners want to give their pets healthier foods in a more convenient way. PPF is a highly successful business with further opportunities for growth organically, leveraging its production capabilities and track record for product innovation, and through acquisition.”
Markus Noe-Nordberg, Partner at Pamplona, says: “Over the past several years, PPF has gone from strength to strength. Under the stewardship of CEO Attila Balogh, the management team has done a tremendous job of growing the business and we are delighted to have been part of that story. We wish the company continued success and growth with its new partner.”
Chairman and CEO of PPF, Attila Balogh, says: “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.”
