Cinven strategically invested in Partner in Petfood to capture growth opportunities within the premium pet food market in Europe, resulting in significant revenue and EBITDA growth during their ownership.

Target Information

Partner in Petfood (PPF) is a notable manufacturer within the pet food sector, primarily operating in Central and Eastern Europe. Established with a focus on providing quality pet food, PPF has positioned itself as a regional leader, poised for further growth across Europe. In 2018, Cinven funds recognized PPF as a potential European champion in the pet food market, acquiring a majority stake while allowing the management to retain a minority share. This strategic partnership empowered PPF to leverage Cinven's expertise in driving operational and market expansion.

Under the leadership of CEO Gerald Kühr, who joined from Unilever in 2020, PPF faced and navigated significant challenges, particularly during the COVID-19 pandemic. The company aimed to enhance its business model, shifting from predominantly entry-level products to more premium offerings in response to evolving consumer preferences.

Industry Overview

The pet food industry in Europe has experienced robust growth, driven by increasing pet ownership and the phenomenon known as “Pet Humanisation,” where pet owners treat their pets as family members. This trend is significantly impacting consumer purchasing, wi