PARTNER IN PET FOOD (PPF)
Acquired by
CVC
PARTNER IN PET FOOD (PPF) acquired by CVC
Target
PARTNER IN PET FOOD (PPF)
Acquirer
CVC
Context
CVC Capital Partners has agreed to acquire a majority stake in Partner in Pet Food from Cinven. This transaction follows a competitive process where CVC and Advent International had initially explored a joint bid. Ultimately, CVC proceeded as the sole majority acquirer, while Cinven retained a minority stake to benefit from future upside. The new partnership aims to accelerate PPF's M&A strategy and continue its shift toward premium products. The current management team, led by CEO Gerald Kuehr, will remain in place.
PARTNER IN PET FOOD (PPF), which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 10.1x average currently observed in the AgriFood sector.
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Target
Headquartered in Budapest, Partner in Pet Food (PPF) is one of Europe's leading manufacturers of private label pet food. The company produces a wide range of wet and dry food for cats and dogs, supplying major grocery retailers across 37 countries.
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Historical Financials (EUR)
Other operations with PARTNER IN PET FOOD (PPF)
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 04/2018 | CINVEN | PARTNER IN PET FOOD (PPF) | HUNGARY | Petfood | 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. |
| 04/2015 | PAMPLONA CAPITAL MANAGEMENT | PARTNER IN PET FOOD (PPF) | HUNGARY | Petfood | Pamplona Capital Management has acquired Partner in Pet Food (PPF) from Advent International. This secondary buyout marks a successful exit for Advent, which originally carved out the business (then Provimi Pet Food) in 2011 for EUR188 million. Under Advent's ownership, PPF consolidated its position in Central & Eastern Europe and expanded into Western Europe (notably the Netherlands). Pamplona intends to back the current CEO, Attila Balogh, and continue the buy-and-build strategy to create a pan-European champion. |
| 03/2011 | ADVENT INTERNATIONAL | PARTNER IN PET FOOD (PPF) | HUNGARY | Petfood | Advent International has agreed to acquire Provimi Pet Food from the Provimi Group for an Enterprise Value of EUR188 million ($265 million). This transaction is a classic corporate carve-out, separating the consumer-facing pet food business from the B2B animal nutrition parent. Advent plans to rename the business "Partner in Pet Food" (PPF) and support its growth through product innovation and expansion into Western European markets. The deal is subject to regulatory approval and works council consultation. |
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