Animal nutrition company Provimi Group has agreed to sell its European pet food manufacturing company to global private equity firm Advent International. Provimi Pet Food (Provimi) will go to Advent based on an enterprise value of €188 million. Advent’s investment will enable Provimi to focus on growth plans which include developing new product lines, breaking into new markets, and sustaining organic growth.
The CEE market for private label pet food is expected to experience significant growth in the near future, making this the perfect time for Advent and PPF to work together.
Provimi Pet Food (www.provimipetfood.com)
Provimi Pet Food manufacturers and distributes both wet and dry pet food to nearly 280 customers at the wholesale level. As the third largest company of its kind, PPF operates 28 distribution points in seven different countries including the Czech Republic, Hungary, the Netherlands, Poland, Slovakia, and others. A staff of approximately 1,800 people work at nine manufacturing facilities scattered throughout Europe, as well as company headquarters located in Budapest, to produce more than 430,000 tons of product annually.
Total sales for 2010 were reported at €236 million.
Advent International (www.adventinternational.com)
Founded in 1984, Advent International is one of the world’s leading global buyout firms, with buyout offices operating in 23 countries. Since inception, The Company’s strategy is based primarily on buyout opportunities and turnarounds in a variety of sectors. Advent employs 280 people including 140 investment professionals.
Advent International has been investing across Central & Eastern Europe since 1994 and has local offices in Warsaw, Prague, Bucharest and Kiev. In April 2008, the firm announced the closing of its fourth fund for the region, ACEE IV, at € 1 billion.