FDBusiness.com

The Provimi Group, a world leader in animal nutrition, is selling its pet food business, Provimi Pet Food, to private equity firm Advent International for an enterprise value of Eur188m. Headquartered in Budapest, PPF is a European leader in pet food, with total sales of Eur236m in 2010 and around 1000 employees.

PPF serves customers in 27 countries from eight production locations throughout Europe. PPF 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, Provimi will be able to concentrate on the extensive growth opportunities available in the animal nutrition industry.

The transaction is expected to complete within the next two months following regulatory and works council processes.

Founded in 1984, Advent International is one of the world’s leading global buyout firms, with offices in 17 countries on four continents. Since inception, Advent has raised Eur19.4b in private equity capital and, through its buyout programmes, has completed over 250 transactions valued at approximately Eur40b in 35 countries

Advent International has been investing in the retail and consumer products sectors since 1984 and has been investing across Central Europe with local funds and offices since 1994. Recent investments include Devin, Bulgaria’s leading mineral water bottler and distributor of soft drinks, and Uno, Turkey’s leading producer of branded, packaged bread and bakery products.