The private-equity owner of Partner in Pet Food has ended talks with potential buyers of the Hungary-based business.
A report from The Financial Times this week, quoting unnamed sources, suggested investors Advent International and CVC Capital Partners had made a joint bid for Partner in Pet Food after making individual approaches.
Budapest-based Partner in Pet Food has been owned since 2018 by private-equity peer Cinven Group.
One of The Financial Times’ sources said Cinven had previously been looking to value the company at around €2bn ($2.16bn).
However, a source for Just Food, who asked not to be identified, said today (28 March) Cinven had decided to pause the discussions with bidders, deeming the offers for Partner in Pet Food to be undervalued given the market potential.
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Approached by Just Food, Cinven declined to comment, as did Advent. CVC Capital Partners has yet to respond to a request for comment.
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By GlobalDataPartner in Pet Food, set up in 1999, sells into more than 30 countries in Europe, according to Cinven. The company supplies wet and dry pet food for cats and dogs to over 250 customers, including retailers, specialist pet chains and online customers.
It employs more than 1,400 people, Cinven says.
Bank of America and Goldman Sachs were working on the proposed sale of Partner in Pet Food, according to a Bloomberg report today, which added interest had been received from private equity and trade buyers.
Goldman Sachs had not responded to Just Food at the time of writing to comment on that speculation, while Bank of America declined to comment.
Partner in Pet Food had also not give a response.
Former Unilever executive Gerald Kuehr was named Partner in Pet Food CEO in 2020.
In 2021, the company snapped up two manufacturers in Poland – Mispol and Werbliński.
Poland is one of ten European markets in which Partner in Pet Food has sales offices, according to its website. The company has 12 manufacturing facilities.
The most recent year for which the group has posted annual sales is 2022, when it generated sales of around €793m.
