The Finnish pet company has expanded its current 49.2% shares in Premium Pet Food Suomi Oy. Here’s why.
Finland’s leading pet specialty retailer, Musti Group, took 100% ownership of the pet food plant Finnish manufacturer Premium Pet Food Suomi Oy in Lieto (Finland).
The Helsinki-based company said the acquisition of the dry and frozen pet food factory is in response to the growing demand for locally and sustainably produced pet food.
Premium Pet Food’s turnover from the company’s previous fiscal year was €7.7 million ($8.4M). Musti Group estimates that the profit impact of the transaction will be approximately €3 million ($3.2M) positive.
CEO David Rönnberg said this transaction allows the company “to deepen” its commitment to sustainably produced products.
“We can listen to our customers and respond to the increased demand for locally and sustainably produced products and increase our profitability at the same time by increasing the production of our own brands. This transaction supports our strategy perfectly,” he said.
Musti Group aims to strengthen its position as a leader in the sustainable and high-quality pet food market in the Nordics.
The dry food production of Musti Group’s brands in the Lieto factory will continue this year.
The company has been investing in its omnichannel capabilities and expanding its product range to cater to the evolving needs of pet owners. “As a company committed to promoting the health and well-being of pets, we believe it is important to provide pet owners with high-quality, sustainable, and locally sourced pet food options,” added Rönnberg.
Further, their sustainability goals include reducing logistics emissions and shifting to 100% renewable energy sources in Nordic operations. The solar panels at the Lieto factory make the unit’s manufacturing process fully renewable, the company said.
Musti Group posted sales of €391 million ($427.4M) in FY 2022, an increase of 14.7%.
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