Clearwater International advises Partner in Pet Food ("PPF") on tertiary buy-out by Cinven

Headquartered in Hungary, PPF is a market-leading pet food manufacturer with nine manufacturing operations across Europe. The business supplies pet food to more than 250 customers in Europe, including traditional retailers, discounters, speciality pet retailers and online specialists.

PPF’s product range covers the main categories of dog and cat food, comprising wet and dry food including single serve products. Established in 1999, the company employs more than 1,400 people and produces more than 450,000 tons of pet food per annum, distributed across 38 countries in Europe.

The pet food market is large and resilient, with growth supported by long-term trends such as humanisation, the rise in pet ownership, and a shift towards more premium products. The UK market hit an all-time high in 2017, reaching a value of £2.65bn and is expected to continue growing at a sustained pace over the coming years.

This is the third deal in which Partner in Pet Food’s management have been advised by Clearwater International.