Advent sells Partner in Pet Food to Pamplona for €315m

The exit comes four years after Advent acquired Partner in Pet Food – then Provimi Pet Food – in a carve-out from Provimi Group for €188m, through the GP's Advent Central & Eastern Europe IV fund.

Pamplona invested via its Pamplona Capital Partners IV fund and will back PPF's current management, supporting organic growth of the company by providing continued investment.

Pamplona plans to further develop its current product offering, and expand its market through acquisitions across western and central Europe.

Previous funding
Advent carved out PPF from its parent, Provimi Group, in March 2011 for €188m. A debt facility for the deal was provided by Erste Group Bank, Raiffeisen Bank International and UniCredit, according to unquote" data. 

Company
Partner in Pet Food is a European producer of wet and dry pet food headquartered in Budapest.

Founded in 2011, the company had revenues of €235m last year, selling 430,000 tonnes of pet food. PPF employs 1,200 people and has production facilities in Hungary, Slovakia, the Netherlands and the Czech Republic.

People
Advent partner Chris Mruck and director Milan Kulich led the deal for the exiting GP. Partner Markus Noe-Nordberg worked on the deal for Pamplona. Attila Balogh is the CEO of PPF.

Advisor
Vendor – JP Morgan (M&A); CMS Cameron McKenna (Legal).
Equity – Citigroup (Corporate finance); Kirkland Ellis (Legal).
Company – Clearwater International (Corporate finance); Eversheds (Legal).

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• Topics
• CEE
• Consumer
• Exits
• Secondary buyout
• Advent International
• Hungary
• Pamplona Capital Management
• Citigroup
• Eversheds
• JP Morgan
• Unq2015May