GREENWICH, CONN. and LONDON — L Catterton announced Dec. 21 it has sold Inspired Pet Nutrition (IPN) to CapVest Partners LLP. IPN is a third-generation family-owned company based in the United Kingdom that owns and operates two pet food and treat brands: Wagg and Harrington’s.

Financial details of the transaction were not disclosed. CapVest is an international private equity investment firm in the essential goods and services sector.

"We are exceptionally proud of the success that IPN has achieved through our great partnership with L Catterton,” said Richard Page, chairman of IPN. “By utilizing their extensive strategic, operational, and industry expertise, we have laid a strong foundation to expand our business and quadrupled Harringtons' market share under L Catterton's ownership.”

L Catterton acquired the pet food company in March 2015. Investments have since been made to bolster the company’s leadership, manufacturing capabilities, marketing and direct-to-consumer capabilities. Since 2015, IPN has built a new wet dog food facility, a facility for super-premium baked dog food, and a state-of-the-art distribution center.

According to L Catterton, IPN has become a leading company in the United Kingdom’s pet food market. Specifically, the Harrington’s brand has become the fastest-growing major dry dog food brand in the United Kingdom, graduating from No. 6 to No. 1 since L Catterton’s ownership.

“In addition, we have made great strides on our sustainability journey, with IPN becoming the UK's first carbon-negative pet food manufacturer of scale,” Page added. “We are excited to continue our strong track record of growth through our partnership with CapVest as we work to realize our vision of becoming one of the largest manufacturers of branded pet food across the UK and Europe."

L Catterton has made several investments into the pet food and treat market, including but not limited to Ainsworth Pet Nutrition, JustFoodForDogs, Lily’s Kitchen, Nature’s Variety and Wellness Natural Pet Food.

"We are pleased to have played a role in IPN's remarkable evolution," said Andrew Taub, managing partner of L Catterton's Flagship Fund. "By investing heavily to support the next chapter of IPN's story, specifically through investments in brand marketing and capacity expansion projects, IPN has become a truly differentiated pet food platform which is poised for significant future growth."

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