On the radar: Is Inspired Pet Nutrition looking to buy Butcher’s Pet Care?
If the transaction moves forward, the British pet food manufacturer could become one of the UK’s top 3 producers in this category.
Inspired Pet Nutrition (IPN) is rumored to be engaged in talks to buy Butcher’s Pet Care, a family-owned cat and dog food business headquartered in Northampton.
Despite other bidders, IPN’s offer is expected to be substantive, given its market presence in the UK’s pet food industry.
The company, owned by private equity firm CapVest, reported hitting nearly £200 million ($253.8M/€233.3M) in annual turnover in 2023 while doubling sales over the past 5 years. The producer of pet food brands Wagg and Harringtons aims to become one of the 3 biggest UK pet food manufacturers in the next 5 years, targeting £500m ($633.8M/€582.9M) in sales.
The strategy
As per IPN’s chairman, Richard Page, mergers and acquisitions are part of the company’s strategy to achieve this goal. The company has also been investing in existing factories to advance its market penetration and improve organic growth.
Butcher’s Pet Care posted a turnover of £138.4 million ($179.8M/€164.4M) in the fiscal year (FY) that ended on 31 July 2023. In 2022, it hit £108.4 million ($140M/€128.8M)
In 2022, the pet food manufacturer received a £40 million ($51.9M/€47.5M) funding package to expand its portfolio.
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