Non-public fairness teams Introduction Worldwide and CVC Capital have teamed as much as bid for Associate in Pet Meals (PPF), a European pet meals producer owned by Cinven, the Monetary Occasions has reported.
Introduction and CVC had been the 2 remaining buyers competing within the course of to amass PFF, which producers branded pet meals and own-label merchandise for retailers. Whereas the talks are ongoing, individuals accustomed to the issues informed the Monetary Occasions that there is no such thing as a certainty a deal will probably be reached. Cinven had beforehand sought a valuation of roughly €2 billion (US$2.16 billion) for the enterprise, the report added.
In accordance with Petfood Trade’s High Pet Meals Corporations itemizing, PPF was created through a sequence of acquisitions between 2000 and 2006 by Dutch firm Provimi, and has its headquarters in Budapest, Hungary. The corporate provides retailers, discounters, specialty pet retailers and on-line specialists in 38 nations. The corporate makes a full worth vary of dry, moist and semi-moist cat and pet food, alucups, pouches and snacks with operations in 10 nations: The Netherlands, Hungary, Czech Republic, Slovakia, Poland, France, Italy, Romania, Sweden, Germany. With 11 factories throughout Europe, PPF claims it’s the solely market operator with an built-in pan-European manufacturing community. It produces almost 500,000 tons of pet meals yearly.
In accordance with the Monetary Occasions, since Cinven, a world non-public fairness agency, acquired PPF six years in the past it has expanded the enterprise by means of acquisitions. PPF had about €690 million (US$747 million) gross sales in 2022 and €800 million (US$867 million) in 2023.
