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General Atlantic and L Catterton make £280m Butternut Box investment

Butternut Box, a UK-based fresh dog food company, has raised £280m in its latest fundraising round from new investor General Atlantic, a global growth equity firm, and existing investor, consumer-focused private investment firm L Catterton. 

Closing of the transaction, which is subject to customary regulatory conditions, is expected to occur in Q4 2023.

Butternut Box is one of Europe’s largest fresh dog food brands, feeding dogs in the UK, Ireland, the Netherlands, Belgium, and most recently Poland following its April 2023 acquisition of PsiBufet. Since its inception in 2016, Butternut Box has grown rapidly, raising over £100m to date including investments from L Catterton, White Star Capital, Five Seasons Ventures, Passion Capital, Literacy Capital, Claret Capital, and HSBC.

Butternut Box plans to use this funding to accelerate further European expansion, including the development of a new European manufacturing facility.

Butternut Box was advised by Harris Williams and Orrick, Herrington & Sutcliffe LLP. Houlihan Lokey served as financial advisor and Freshfields served as legal advisor to General Atlantic. PwC served as financial advisor and Latham & Watkins served as legal advisor to L Catterton.

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