Private equity firms Advent International and CVC Capital are teaming up to launch a joint bid to acquire Partner in Pet Food (PPF), a European animal food brand owned by Cinven, which is seeking around €2bn for the business, according to a report by The Financial Times.
The report cites people familiar with the matter as confirming the joint approach with talks between the parties said to be ongoing, There is no certainty at this stage that a deal will be reached, according to the FT’s sources.
The Hungary-based business, which owns owns brands such as Prevital and Reno and was formed out of a series of acquisitions between 2000 and 2006, was acquired by Cinven in 2018, having previously been owned by Advent between 2011 and 2015, before being sold to Pamplona Capital Management for €315m.
