Provimi sells pet food activities to Advent International
Global animal nutrition provider Provimi is to sell its pet food activities, Provimi Pet Food (PPF), to private equity firm Advent International for an enterprise value of €188 m.
Headquartered in Budapest, PPF
is a European leader in pet food, with total sales of €236 million in 2010 and around 1,000 employees.
PPF serves customers in 27 countries from 8 production locations throughout Europe and has a strong position as preferred pet food supplier for large retail food chains across Europe.
Provimi has managed its pet food business separately from its core animal nutrition business as the two have different profiles and dynamics.
Following this sale, the company will be able to concentrate on the extensive growth opportunities available in the animal nutrition industry.
is committed to supporting the existing growth ambitions for the business and exploring potential opportunities in new markets and new product development.
Animal nutrition focus
Provimi's CEO Ton van der Laan commented: “Provimi has a strategy to focus on its core animal nutrition business. Provimi Pet Food has strong growth opportunities and ambitions which could best be supported under a different ownership.
“We are pleased to have reached agreement with Advent international, which has clear plans to invest in and grow the business. [...] The management team of PPF is fully supportive of the agreement reached and will remain with the business following the sale to Advent International.”
"The sale of the pet food activities completes the process, started with the disposal of the fish feed activities, of focusing Provimi on its core animal nutrition business in swine, poultry and ruminants,” Van der Laan said.
“In parallel, this core business has been substantially expanded through acquisitions in Colombia and Mexico and organic growth in Brazil, Russia and Asia.”
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