Advent International has agreed to acquire Provimi Pet Food (PPF) from European animal nutrition company Provimi Group for €188 million.
Advent invested in PPF from its fourth Central and Eastern Europe fund, which closed on its €1 billion hard cap in April 2008. Provimi Pet Food is the third largest producer of private label wet and dry pet food in Europe, with distribution in 28 countries and 2010 sales of approximately €236 million. The growth in the private label pet food market in Central and Eastern Europe, Advent says, is expected to outpace GDP growth over the coming years.
“PPF is a business with excellent prospects and we look forward to working with the management team to develop the company,” Advent managing partner Chris Mruck said in a statement.
Advent was not available for comment at press time. The firm was advised by Leonardo & Company and Deloitte.
Advent is not the only global private equity firm keen on the pet food industry. In 2010, KKR acquired UK-based retail chain Pets at Home from Bridgepoint for £955 million (€1.09 billion; $1.5 billion). Also last year, The Riverside Company purchased Istanbul-headquartered pet food company Tropikal Bahçe ve Evcil Hayvan Ürünleri Ticaret ve Sanayi Anonim Sirketi for an undisclosed sum.