PARTNER IN PET FOOD (PPF) acquired by 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 had already undergone several LBOs in the past, notably in 2015 with Pamplona Capital Management and in 2018 with Cinven. These multiple LBO cycles illustrate the strong appeal for this type of asset.
PARTNER IN PET FOOD (PPF), which reported an EBITDA margin of in 2023, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the AgriFood sector (11.0x).
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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.
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Historical Financials (EUR)
Other operations with PARTNER IN PET FOOD (PPF)
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2018 | CINVEN | PARTNER IN PET FOOD (PPF) | HUNGARY | Petfood |
| 04/2015 | PAMPLONA CAPITAL MANAGEMENT | PARTNER IN PET FOOD (PPF) | HUNGARY | Petfood |
| 03/2011 | ADVENT INTERNATIONAL | PARTNER IN PET FOOD (PPF) | HUNGARY | Petfood |
REFERENCES
Valuation range: EV 1b - 4b EUR
Revenue range: 450M - 900M EUR
EBITDA range: 100M - 200M EUR
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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: cvc