Advent International to acquire leading European manufacturer of pet food, Provimi Pet Food from the Provimi Group

Advent International is to acquire a leading European manufacturer of pet food from Provimi Group. The UK based Advent International will acquire Provimi Pet Food (PPF) from the Provimi Group. Advent International is a global private equity firm. Provimi Pet Food is a leader in animal nutrition and will be acquired for an enterprise value of €188 million.

Chris Mruck, Managing Partner and Co-Head of Central Europe, Advent International noted that the Provimi Group has established PPF as a European market leader. Mruck said Advent’s investment will build upon these strong foundations, enabling the business to capitalize on the growth opportunities that exist across Europe.  He further stated that PPF is a business with excellent prospects and Advent looks forward to working with the management team to develop the company to its full potential.

Commenting separately, Albena Vassileva, Director with Advent International, noted that Advent's ability to structure and execute this complex multi-country acquisition is a testament to the strength of its pan-European network and its unrivalled coverage of Central and Eastern Europe. Advent will work towards supporting the next phase of PPF's development, said Vassileva.

PPF holds a strong position in its largest markets in Hungary, The Netherlands, Poland, the Czech Republic and Slovakia. The growth in the private label pet food market in Central and Eastern Europe is expected to significantly outpace GDP growth over the coming years, driven by higher consumer purchasing power, demographic changes leading to higher pet ownership, as well as increasing acceptance of private label goods by consumers.

Attila Balogh, Chief Executive Officer, Provimi Pet Food said Advent's investment in PPF is undoubtedly the start of an exciting new phase in the development of the company.  Balogh reiterated that the international experience Advent has in the retail and consumer sectors as well as its established presence in PPF’s core markets in Central and Eastern Europe will be extremely valuable as PPF grows its business to better meet the needs of its customer base.

The investment by Advent International will support PPF’s growth plans, focused on increasing its market share through organic growth, developing a new range of products and services and entry into new markets.

PPF is the third largest producer of private label wet and dry pet food in Europe, supplying approximately 280 customers, including major grocery retailers, in the 27 markets in which it operates.  The business, headquartered in Budapest, employs around 1,000 staff and has eight production facilities across Europe. 

28th March 2011

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