CIL and KPMG advise CapVest on acquisition in pet food sector
Pet food manufacturer Inspired Pet Nutrition has seen its ownership shift from one private equity firm to another. The deal was advised on commercially and financially by consultants from CIL Management Consultants and KPMG.
Best known for its dry dog food and pet treats under the Harringtons and Wagg brands, Inspired Pet Nutrition is a leader within UK’s pet food landscape. Over the past five years, the nearly 100 years old brand was backed by private equity giant L Catterton ($22 billion of equity capital across its funds), and the collaboration has proven highly successful.
Under L Catterton’s wings, Inspired Pet Nutrition managed to expand its market share and offerings, thanks to significant investments in brand marketing and direct-to-consumer capabilities, and capacity. The company ramped up existing production lines, and built two new facilities focused on wet dog food and super-premium baked dog food.
“By utilising their extensive strategic, operational, and industry expertise, we have quadrupled Harringtons' market share under L Catterton's ownership. In addition, we have made great strides on our sustainability journey, becoming the UK’s first carbon-negative pet food manufacturer of scale,” said Richard Page, the Chairman of Inspired Pet Nutrition.
To realise its “next phase of expansion”, the pet food player will turn its eyes to CapVest, which has acquired the company from L Catterton for an undisclosed sum. CIL Management Consultants acted as commercial advisor to the buyer CapVest, while KPMG and Kirkland & Ellis provided financial and legal advisory services.
CapVest received investment banking services from Dutch bank Rabobank and Lincoln International, while Rothschild assisted with debt advisory services. Meanwhile, Inspired Pet Nutrition was advised by Harris Williams (financial advisor) and DLA Piper (legal advisor).
On the ambitions, Page said: “We are excited to continue our growth through our partnership with CapVest as we work to realise our vision of becoming one of the largest manufacturers of branded pet food across the UK and Europe.”
In related news, in the US, AUA Private Equity Partners recently acquired Westminster Pet Products (advised on commercially by L.E.K. Consulting), while in Australia, private equity firm Pioneer Capital has hired M&A consultants from PwC to help it sell its stake in Natural Pet Food Group.
