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04/2018

PARTNER IN PET FOOD (PPF) acquired by CINVEN

HUNGARY Food Processing / Petfood REV €250–500M

Context

Cinven has acquired Partner in Pet Food (PPF) from Pamplona Capital Management. This Secondary Buyout sees the exit of Pamplona, which had owned the business since 2015. Cinven was attracted by PPF's market-leading position in the fragmented European market and plans to accelerate growth through further acquisitions (Buy-and-Build) and product premiumization. The current management team, led by CEO Attila Balogh, will remain in place to drive the next phase of growth.

Partner In Pet Food had already undergone several LBOs in the past, notably in 2011 with Advent International and in 2015 with Pamplona Capital Management. These multiple LBO cycles illustrate the strong appeal for this type of asset.

PARTNER IN PET FOOD (PPF), which reported an EBITDA margin of [members only] in 2017, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the AgriFood sector (11.0x).

-> Deep-dive in AgriFood market trends

Target

Partner in Pet Food (PPF) operates as a developer and manufacturer of high-quality food solutions for dogs and cats. Established in the 1990s and headquartered in Budapest, Hungary, the company’s business model centers on a multi-channel commercial infrastructure. The platform supplies a diversified portfolio of over 600 clients, including grocery retailers, specialized pet store chains, e-commerce platforms, and veterinary clinics across approximately 40 countries. The company functions as Europe's second-largest producer of private-label pet food, delivering dry food, cans, pouches, and snacks, while simultaneously scaling its own regional brand ecosystem which includes PreVital, Shelma, Reno, and Bozita. The organization’s operational architecture is built around an integrated industrial footprint consisting of +10 production facilities located across ten European countries, including France, the Netherlands, Germany, Sweden, and Poland. By controlling this multi-site manufacturing network, PPF manages localized production and supply chain logistics to serve its international retail and clinical accounts.

Ent. Value

€250–500M

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2017
€250–500M
[members only]
[members only]
2016
€250–500M
[members only]
[members only]

Other operations with PARTNER IN PET FOOD (PPF)

Other operations with PARTNER IN PET FOOD (PPF)

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
03/2024CVCPARTNER IN PET FOOD (PPF)HUNGARYPetfood
04/2015PAMPLONA CAPITAL MANAGEMENTPARTNER IN PET FOOD (PPF)HUNGARYPetfood
03/2011ADVENT INTERNATIONALPARTNER IN PET FOOD (PPF)HUNGARYPetfood

REFERENCES

Revenue range: €250–500M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of PARTNER IN PET FOOD (PPF) by CINVEN are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: partner in pet food (ppf)

Acquirer: cinven