The British private equity firm Cinven has sold its majority stake in Partner in Pet Food (PPF) to CVC Capital Partners in Luxembourg, but will retain a minority stake in the company. Financial details of the transaction will not be disclosed. The transaction is expected to close before the end of the current year and is subject to regulatory approvals and other customary closing conditions.
CVC Capital Partners is one of the ten largest private equity firms in the world. It manages assets totalling 119 bn euros. Its subsidiaries include the American pet speciality retail chain Petco.
Headquartered in Budapest, Partner in Pet Food produces a range of pet food in 12 production facilities across Europe and supplies over 280 customers in more than 35 countries. Last year, PPF produced around 700 000 tonnes of pet food and achieved a turnover of around 800 mio euros.
