In connection with the complete takeover of Arcaplanet by Fressnapf/Maxi Zoo, Torsten Toeller, founder and owner of the Fressnapf Group, and Cinven have announced an intensification of their existing partnership: The Cinven fund will invest in Fressnapf Holding SE and is to provide strategic support for Fressnapf's European growth course.
However, according to a press release, Toeller will retain a large majority stake in his company and will remain Chairman of the Board of Directors at the head of Fressnapf. Cinven is to be a “partner at eye level” with whom Fressnapf would like to intensify its trusting, close and cooperative partnership.
“The successful collaboration at Arcaplanet in recent years has shown how positive a trusting partnership with a financial investor can be – we have found an ideal partner in Cinven,” explains Toeller.
Cinven's investment in Fressnapf will also have personnel consequences. Fressnapf CEO Dr Johannes Steegmann, who has played a key role in the company's development into an omnichannel ecosystem for pets over the past four years, will leave the company in the summer.
Peter Pritchard will initially take over the position of CEO on an interim basis. Pritchard, long-time CEO of Pets at Home in the UK, is already Chairman of Arcaplanet and is therefore very familiar with the industry and the co-operation with Fressnapf. “Peter Pritchard is one of the most experienced and successful CEO in our industry. I am delighted that we have been able to recruit him for Fressnapf,” says Toeller.
“I have worked with Fressnapf for many years and I am very much looking forward to working with Torsten Toeller, Cinven and the Fressnapf team to build the best pet supplies retailer in the world and realise the full potential of Fressnapf," added Pritchard.
Bruno Schick, Co-Managing Partner and Head of the D-A-CH team at Cinven, commented on today's news: "We are very proud of the success we have achieved with the Cinven funds' investment in Arcaplanet. Another great example of the power of our Cinven country-sector matrix. Our relationship with Torsten Toeller goes back many years and we are delighted to expand and continue this strong partnership through the Cinven funds' investment in Fressnapf. Cinven is a good partner for founders and entrepreneurs in the D-A-CH region and across Europe, as evidenced by this transaction and other investments such as the one in think-cell." The transaction is subject to customary regulatory and antitrust approvals.
