China’s Partner Pet receives strategic investment from US PE firm
L Catterton to help the Hangzhou-based freeze-dried pet food company expand its domestic operations.
The consumer-focused investment firm has made an undisclosed investment in the Asian pet food company.
Additionally, the investment firm will provide expertise in the pet food sector to help Partner Pet cement its position in the country’s pet food market.
China’s pet food market is scaling rapidly, with premium and high-end price segments driving most of the growth, according to a statement from L Catterton.
High demand
Freeze-dried, kibble plus, and wet foods products are anticipated to account for almost half the market by 2025, up from nearly one-quarter in 2020 and less than one-sixth in 2018.
This increase in demand has driven Partner Pet’s sales twelve-fold over the past three years as the company has developed its stronghold in the freeze-dried sector and gained an edge in the kibble-plus segment.
The company was established in 2016 and has a wide presence across offline and online channels in China. Its products are sold in around 20,000 stores across the country.
This venture marks L Catterton’s second investment in a Chinese pet food business. The first was Enova, a Shanghai-based premium pet food company, in February 2022.
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