Modified from a press launch:
CVC Capital Companions IX is the brand new majority shareholder of Associate in Pet Meals (PPF), a European pet meals producer, alongside its present investor Cinven, based on a press launch from the corporate. The partnership will intention to speed up the enterprise’s European enlargement technique.
PPF produces a spread of pet meals merchandise from 12 amenities round Europe and provides greater than 280 clients in over 35 international locations, together with specialty pet retailers, normal meals retailers, discounters and on-line specialists. Its product vary contains each non-public label and branded pet meals overlaying all classes, high quality tiers and value factors, together with moist and dry meals, snacks and treats in quite a lot of serving codecs. PPF manufactured roughly 700 thousand tons of pet meals and had revenues of roughly €800 million (US$864 million) in 2023.
CVC’s CEEMEA crew has been constructing companies in central and japanese Europe for greater than 15 years and has a profitable observe document backing corporations within the area which have began small and grown into pan-European consolidators. Latest examples of this embrace FutureLife, a main supplier of IVF and associated genetics companies, and D-Marin, a premium yacht marina operator throughout Croatia, France, Greece, Italy, Montenegro, Spain, Turkey and the UAE.
The closing of the transaction is topic to approval by the related regulatory authorities and is predicted in Q3 2024. Monetary phrases of the transaction weren’t disclosed.
Govt statements
Gerald Kuehr, CEO of Associate in Pet Meals, mentioned: “We’re delighted that CVC will turn into our new majority shareholder as we proceed our profitable premiumization technique supplemented by an accelerated M&A path, which we began 4 years in the past. In CVC, we welcome a associate that’s absolutely supportive of our ardour for folks and pets in a wholesome atmosphere and this will improve our capacity to proceed producing wholesome merchandise for our finish shoppers. My colleagues and I are trying ahead to the subsequent chapter of PPF’s profitable progress journey with CVC.”
István Szőke, CVC, mentioned: “Now we have been monitoring this firm for over a decade and have been impressed by its transformation right into a pan European champion below Gerald’s management. Whereas PPF represents our first Hungary headquartered funding, we’ve important expertise within the broader area and the sector by present investments in our international non-public fairness enterprise.”
Jakub Canda, CVC, added: “That is an thrilling alternative to put money into an organization with an excellent observe document and confirmed enterprise mannequin. We’re very impressed with the standard of the administration crew and their capacity to proceed producing progress forward of the market over a few years and thru cycles. We’re trying ahead to supporting the corporate in its subsequent section of progress and specifically with bigger M&A.”
