Advent International has announced that it has agreed to acquire Provimi Pet Food for an enterprise value of €188 million (US$265.1 million).
The investment by Advent International will support PPF’s growth plans, focused on increasing its petfood market share through organic growth, developing a new range of products and services and entry into new markets. “Provimi Group has established PPF as a European market leader," said Chris Mruck, managing partner and co-head of Central Europe, Advent International. "Our investment will build upon these strong foundations, enabling the business to capitalize on the growth opportunities that exist across Europe. PPF is a business with excellent prospects and we look forward to working with the management team to develop the company to its full potential.”
The transaction is expected to complete within the next two months following regulatory and works council processes.