Partner in Pet Food (PPF), a leading European pet food manufacturer, has announced CVC Capital Partners IX as its new majority shareholder, joining existing investor Cinven. This partnership aims to boost PPF's European expansion and enhance the health benefits of its products.

PPF operates 12 facilities across Europe, supplying over 280 customers in more than 35 countries. Its product range includes private label and branded pet food, covering all categories and price points, including wet and dry food, snacks, and treats. In 2023, PPF produced approximately 700,000 tons of pet food and generated around €800 million in revenue.

Gerald Kuehr, CEO of PPF, expressed enthusiasm about CVC's involvement, highlighting the support for PPF's premiumisation strategy and accelerated M&A path initiated four years ago. He emphasized CVC's alignment with PPF's commitment to producing healthy products for pets and people.

István Szőke from CVC noted the firm's long-term interest in PPF and praised its transformation into a pan-European leader under Kuehr's leadership. This investment marks CVC's first in a Hungary-headquartered company, leveraging their extensive experience in the region and sector.

Jakub Canda, Senior Managing Director at CVC, described the investment as an exciting opportunity, commending PPF's management team for their consistent market-leading growth. He expressed eagerness to support PPF's next growth phase, particularly in larger M&A activities.

CVC's CEEMEA team has a 15-year track record of building successful businesses in Central and Eastern Europe, with notable investments including FutureLife and D-Marin. The transaction is pending regulatory approval and is expected to close in Q3 2024. Financial terms were not disclosed.