BUDAPEST — Partner in Pet Food (PPF), a European pet food co-manufacturer, announced that private equity CVC Capital Partners IX has acquired majority share in the company. According to PPF, the move aims to accelerate its business, as well as its expansion in the European market. Financial terms of the transaction were not disclosed.

CVC purchased majority stake in PPF from the company’s existing investor Cinven, which will continue to hold a minority stake in the company. 

Headquartered in Budapest, PPF produces a wide variety of pet food products, serving more than 280 customers in over 35 countries. The company operates 12 facilities throughout Europe with a 700,000-ton capacity, producing both private-label and branded pet food products, including dry and wet pet food, pet snacks and treats in a range of formats. According to PPF, its revenue in 2023 hit approximately €800 million ($857.2 million USD). 

“We are delighted that CVC will become our new majority shareholder as we continue our successful premiumization strategy supplemented by an accelerated M&A path, which we started four years ago,” said Gerald Kuehr, chief executive officer of PPF. “In CVC, we welcome a partner that is fully supportive of our passion for people and pets in a healthy environment and this will enhance our ability to continue producing healthy products for our end consumers. My colleagues and I are looking forward to the next chapter of PPF’s successful growth journey with CVC.”

István Szőke of CVC, added, “We have been tracking this company for over a decade and have been impressed by its transformation into a pan European champion under Gerald’s leadership. While PPF represents our first Hungary headquartered investment, we have significant experience in the broader region and the sector through existing investments in our global private equity business.”

For 15 years, CVC has been focused on enhancing businesses throughout central and eastern Europe. The company has a track record for growing small companies in the region and has invested in a wide range of industries, including IVF and genetics services, yacht marina operations and more. 

“This is an exciting opportunity to invest in a company with an outstanding track record and proven business model,” said Jakub Canada of CVC. “We are very impressed with the quality of the management team and their ability to continue generating growth ahead of the market over many years and through cycles. We are looking forward to supporting the company in its next phase of growth and in particular with larger M&A.”

Read more global pet food and treat news from outside North America.