Cinven's Partner in Pet Food tipped as exit candidate for 2023

The private equity owner is likely to launch a process to exit PPF around the middle of 2023, one of the sources said, adding that the group is focused on boosting its financial performance this year to ensure a better exit.

The other source said that Cinven is preparing to launch a sale process in Q2 or Q3. PPF could attract quite a bit of interest from private equity funds as it is growing well, a third source familiar noted.

None of the sources commented on any ongoing advisory talks.

Cinven has no plans to exit PPF next year, a spokesperson for the fund said. Partner in Pet Food did not return requests for comment.

Partner in Pet Food, which operates 13 production facilities, generates around EUR 600m in sales, according to its website. It supplies more than 250 customers in Europe, including traditional retailers, discounters, speciality pet retailers and online specialists, and its product range covers wet and dry dog and cat food, including single-serve products.

Established in 1999, PPF produces around 710,000 tons of pet food a year, distributed across 40 countries.

Cinven acquired PPF from private equity firm Pamplona Capital Management in 2018, as reported.

In July 2020, Partner in Pet Food announced the acquisition of Swedish dog and cat food producer Doggy. Last year, it acquired Italian family-owned pet food manufacturer Landini Giuntini, and Mispol and G-Mart and Zaklad Przetworstwa Rolniczego in Poland.

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