CapVest Partners-backed Inspired Pet Nutrition has entered into exclusive discussions with Eurazeo regarding the acquisition of Ultra Premium Direct (UPD), a French direct-to-consumer online pet food company.
Founded in 2013, UPD is now recognised as the top direct-to-consumer (D2C) online brand in the segment, serving over 285k active customers.
UPD combines high-quality, veterinarian-developed products with a direct factory-to-consumer model, offering a unique premium yet affordable proposition. Leveraging its data-driven approach, the company is now building a powerful omnichannel strategy to further strengthen loyalty and engagement.
Having announced the acquisition of Sopral last month, IPN’s proposed acquisition of UPD will create a major independent and international branded pet food platform in Europe with brands in both the UK and France.
Since its investment, Eurazeo has actively supported UPD’s founders and management in strengthening its brand positioning, expanding its premium product range, and reinforcing its leadership team.
Eurazeo also backed key initiatives in omnichannel strategy, organisation, and Corporate Social Responsibility (CSR), enabling UPD to scale rapidly and solidify its market leadership with improved profitability.
Under the terms of this agreement, Eurazeo, Eutopia (historical minority shareholder), and other minority shareholders would sell their entire stake in UPD.
The finalisation of the transaction remains subject to the conclusion of the information and consultation process with the company’s trade unions, as well as to approval from the competition authorities. It should be finalised in the fourth quarter of 2025.
This new transaction, following the recent sales of Albingia, CPK, and Cognigy, underscores the quality of Eurazeo’s portfolio and its ability to deliver profitable exits. In total, exits completed or announced year-to-date for Eurazeo’s balance sheet represent nearly €1.1bn, or 14% of the portfolio, with valuations in line or above their carrying value.
