According to Bloomberg, British private equity (PE) firm Cinven—which acquired Partner in Pet Food (PPF) in 2018—has put the sale of the pet business on hold due to a disagreement in the bidding price.
Sources indicate that the owner believes the portfolio company is “undervalued.” Cinven was reportedly seeking a valuation of €2 billion ($2.16B) for the sale of the assets.
The Financial Times, which first broke the news of the bid, said that talks were ongoing and that sources familiar with the matter had stated there was no certainty that a deal would be finalized.
US-based global PE firm Advent International previously owned the pet food maker between 2011 and 2015 before selling it to Pamplona Capital Management for €315 million ($340.8M).
CVC Capital Partners and Partners in Pet Food declined to comment, while Advent did not respond to GlobalPETS’s request for an interview.
Operating in 38 countries
Established in Hungary in 1999, Partners in Pet Food produces more than 450,000 tons of pet food annually. The company exports its products to over 250 customers across 38 European countries, including traditional retailers, discounters, specialty pet retailers and online specialists.
Its main products include both dry and wet cat and dog food and single-serve products.
The company, with headquarters in the country’s capital of Budapest, employs more than 1,400 people.
The latest articles
Finnish pet food start-up to build largest Nordic online retailer
Alvar Pet has recently acquired online player Verkkokauppa Kivuton after securing a capital injection.
€80 million: the impact of Purina’s new investment in Italy
Nestlé is set to build a new wet pet food facility in the northern region of Lombardy. GlobalPETS learns more.
The pet industry in Australia
A 2024 overview of what the pet industry in Australia looks like, with the latest data and trends.
Weekly newsletter to stay up-to-date
Discover what’s happening in the pet industry. Get the must-read stories and insights in your inbox.